Question 6 of 11 274 = View Policies Show Attempt History Current Attempt in Progress The following balances were taken from the records of Sunland Company: Common stock (1/1/2021 and 12/31/2021) $723,800 Retained earnings 1/1/2021 $163,200 Net income for 2021 184,100 Dividends declared in 2021 (44,100) Retained earnings, 12/31/21 303,200 Total stockholders' equity on 12/31/21 $1,027,000 Oriole Company purchased 75% of Sunland Company's commeon stock on January 1, 2021 for $901,500. The difference between implied value and book value is attributable to assets with a remaining useful life on January 1, 2021 of ten years. 1. Parent company theory. 2 . Economic unit theory. Difference 1. Parent company theory 236250 2. Economic unit theory 315000 e Textbook and Media Assistance Used Solution Attempts: 2 of 2 used (b) * Your answer is incorrect. Assuming the economic unit theory: 1. Compute noncontrolling interest in consolidated income for 2023. 2. Compute noncontrolling interest in net assets on December 31, 2023. 1. Noncontrolling interest in consolidated income 152600 2. Noncontrolling interest in net assets 743500 e Textbook and Media