Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at...
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Accounting
Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling interest was assigned $21,000 of income in the 20X0 consolidated income statement. What amount of net income did McNichols Corporation report for the year?
a) $70,000
b)$63,000
c)$30,000
d)$147,000
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