Elternteil Corporation owns 70 percent of Schwester Corporation's common stock and 45 percent of Bruder Corporation's common stock. In addition, Schwester owns 40 percent of Bruder's stock. In 20X6, Elternteil, Schwester, and Bruder reported operating income of $90,000, $60,000, and $40,000 and paid dividends of $45,000, $30,000, and $10,000, respectively. Required: a. What amount of consolidated net income will Elternteil report for 20X6? Note: Use cell A2 from the given information to complete this question. Elternteil income 90000 Schwester income 60000 Bruder income 40000 Total consolidated income 190000 b. What amount of income will be assigned to the noncontrolling interest in 20X6 consolidated income statement? Note: Use cell A2 from the given information to complete this question. Bruder's income 40000 Noncontrolling interest percentage 0.27 Noncontrolling interest's share of Bruder's income 10800 Schwester's income 60000 Schwester's share of Bruder's income 16000 Schwester's total income 76000 Noncontrolling interest percentage 30.00% Noncontrolling interest's share of Schwester's income 22800 Total noncontrolling interest income

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Elternteil Corporation Consolidated Net Income 20X6 a Total consolidated net income for Elternteil will be 180720 Heres the breakdown Individual Compa... View the full answer