Question
Squid Corporation, a 90%-owned subsidiary of Penguin Corporation, sold inventory items to its parent at a $24,000 profit in 2005. Penguin resold one-third of this
Squid Corporation, a 90%-owned subsidiary of Penguin Corporation, sold inventory items to its parent at a $24,000 profit in 2005. Penguin resold one-third of this inventory to outside entities. Squid reported net income of $100,000 for 2005. The amount of noncontrolling interest share that will appear in the consolidated income statement for 2005 is
a.$ 8,400.
b.$ 9,200.
c.$10,000.
c.$10,800.
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a8400 Profit recognised on transactions with in the group shall be written off here out ...
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Advanced Accounting
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
2nd edition
1934319309, 978-1934319307
