Tray Co. reported current earnings of $560,000. Sparrish Co. earned $140,000 in net income in 2018. Tray held a 70% interest in Sparrish for several years, an investment that it originally acquired by transferring consideration equal to the book value of the underlying net assets. On January 1, 2018, Sparrish acquired in the open market $70,000 of Tray's 8% bonds. The bonds had originally been issued several years ago at a price that would yield a 10% effective interest rate. On the date of the bond purchase, the book value of the bonds payable was $67,600. Sparrish paid $65,200. What is the noncontrolling interest's share of the subsidiary's net income? Multiple Choice $39,600. $37,800. Noncontrolling interest share of S's income can't be calculated with given information. $42,000.