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The 2005 consolidated income statement showed cost of goods sold of ___________? The 2005 consolidated income statement showed income from Arid of _________? The 2005
The 2005 consolidated income statement showed cost of goods sold of ___________? The 2005 consolidated income statement showed income from Arid of _________? The 2005 consolidated income statement showed noncontrolling interest share of __________?
Wren Corporation acquired 80% ownership of Arid Incorporated, at a time when Wren's investment (using the equity method) and Arid's book values were equal. During 2005, Wren sold goods to Arid for $200,000 making a gross profit percentage of 20%. Half of these goods remained unsold in Arid's inventory at the end of the year. Income statement information for Wren and Arid for 2005 were as follows: S $ Sales Revenue Cost of Goods Sold Operating Expenses Separate incomes Wren 1,000,000 500,000 500,000 250,000 Arid 600,000 400,000 80,000 120,000 $ $Step by Step Solution
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