On Jan 1, 2015, the 90% owned SUB issued a $500,000 8% 10 year Bond Payable to INDEPENDENT 3rd Party Investors for 95%. Interest is payable annually on Dec 31st of each year. On Jan 1, 2018, the PARENT acquires the Sub’s Bonds from the 3rd party investors for $518,000 cash. During 2018 the SUB reported a $250,000 Net Income and the Parent a $400,000 Net Income which includes their 90% share of the Sub’s Income.

What is the NCI's share of the Consolidated Net Income after the Elimination and Adjusting Entries for 2018?

Answer rating: 100% (QA)

1Jan15 Subsdiary issued 8 500000 bond with duration of 10 years 500000 Total issue size Less I... View the full answer