Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Angela Inc holds a 90 percent interest in Corby Company. During 2014 Corby sold inventory ...

Angela Inc holds a 90 percent interest in Corby Company. During 2014 Corby sold inventory costing $77,000 to Angela for $110000 Of this inventory $40000 worth was not sold to outsiders until

Angela, Inc., holds a 90 percent interest in Corby Company. During 2014, Corby sold inventory costing $77,000 to Angela for $110,000. Of this inventory, $40,000 worth was not sold to outsiders until 2015. During 2015, Corby sold inventory costing $72,000 to Angela for $120,000. A total of $50,000 of this inventory was not sold to outsiders until 2016. In 2015, Angela reported net income of $150,000 while Corby earned $90,000 after excess amortizations. What is the noncontrolling interest in the 2015 income of the subsidiary?

a. $8,000 .

b. $8,200 .

c. $9,000 .

d. $9,800

Jul 22 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions