- X company acquired 70% of the voting shares of the Y Company several years ago. During 2021 , Y Company recorded a loss, before taxes, from discontinued operations of $1,000,000. Y Company has an income tax rate of 40%. On the consolidated income statement, what would be the value of the loss from discontinued operations? i. $420,000 ii. $600,000 iii. $700,000 iv. $1,000,000 - When determining non-controlling interest on a consolidated balance sheet which of the following items would NOT be included? i. Unrealized profit in ending inventory-upstream transaction ii. Realized profit on equipment sale-upstream transaction iii. Unrealized profit in the beginning inventory-upstream transaction iv. Unrealized profit in machinery sale-upstream transaction