On January 1, 2020, Gardner bought 85% of Isbell. Gardner saw that there was an unrecorded asset on its accounting records that is valued at $71,000 and has 5 years remaining life. All excess fair value over book value was denoted as goodwill. During 2021, Isbell sold inventory to Gardner for $227,000 that cost $188,000, and of this amount, 30% remained unsold in Gardner’s ending inventory on December 31, 2021. Selected financial information for Gardner and Isbell on December 31, 2021: 

Gardner Isbell Inventory           685,000                475,000 

Sales                                         1,275,000                 983,000 

COGS                                          705,000                  545,000 

Operating expenses                338,000                  395,000 

What is the net income to the noncontrolling interest?

Answer rating: 100% (QA)

The net income to the noncontrolling interest would be the difference between the net income of I... View the full answer