Question

Hardwood, Inc., holds a 90 percent interest in Pittstoni Company. During 2010, Pittstoni sold inventory costing $77,000 to Hardwood for $110,000. Of this inventory, $40,000 worth was not sold to outsiders until 2011. During 2011, Pittstoni sold inventory costing $72,000 to Hardwood for $120,000. A total of $50,000 of this inventory was not sold to outsiders until 2012. In 2011, Hardwood reported net income of $150,000 while Pittstoni earned $90,000 after excess amortizations. What is the noncontrolling interest in the 2011 income of the subsidiary?
a. $8,000.
b. $8,200.
c. $9,000.
d. $9,800.



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  • CreatedOctober 04, 2014
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