Jeremy Corporation, a 90%-owned subsidiary of Pagliaro Corporation, sold inventory items to its parent at $12,000 profit in 2003. Pagliaro resold one-third of this inventory to outside entities. Jeremy reported net income of $50,000 for 2003. What is non-controlling interest income that will appear in the consolidated income statement for 2003?

Answer rating: 100% (QA)

Pagliaro Corporations share of Jeremy Corpor... View the full answer