HW Exercise 6-2 Computation of Noncontrolling Interest in Net Income: P Company owns 80% of...
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HW Exercise 6-2 Computation of Noncontrolling Interest in Net Income: P Company owns 80% of the outstanding stock of Company. During 2020, s Company reported net income of $525,000 and declared no dividends. At the end of the year, S Company's inventory included $487,500 in unrealized profit on purchases from P Company. Intercompany Sales for 2020 totaled $2,700,000. Calculate the amount of noncontrolling interest to be deducted from consolidated income in arriving at 2020 controlling interest in consolidated net income
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