On January 1, 2014, Sherwood Company, an 80% owned subsidiary of Paradise Company, sold to Paradise Company
Question:
Paradise Company reported net income from its independent operations of $550,000, and Sherwood Company reported net income of $300,000 in the years of 2014 and 2015.
Required:
Calculate the controlling interest in combined net income for the years ended December 31, 2014, and December 31, 2015.
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