Income statement information for 2011 for Pug Corporation and it

Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as follows:

Pug Sev Sales Cost of sales Gross profit Operating expenses Sev's net income Pug's separate income $900 400 500 250 $350


Intercompany sales for 2011 are upstream (from Sev to Pug) and total $100,000. Pug's December 31, 2010, and December 31, 2011, inventories contain unrealized profits of $5,000 and $10,000, respectively.
REQUIRED
1. Compute noncontrolling interest share for 2011.
2. Compute consolidated sales, cost of sales, and total consolidated income for2011.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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