Seed corp. acquired a 70% interest in the Grass corp. in year 2018. For the year ended December 31, 2019, Grass corp. reported net income of 80,000. During 2019, Seed corp. sold merchandise to Grass corp. for 10,000 at a profit of 2,000. The merchandise remained in Grass corp.'s inventory at the end of 2019. For consolidation purposes, what is the noncontrolling interest's share of Grass corp.'s net income for year 2019?

Answer rating: 100% (QA)

Absolutely the noncontrolling interests share of Grass corps net income for year 2019 is ... View the full answer