Squid Corporation, a 90%-owned subsidiary of Penguin Corporation, sold inventory items to its parent at a $24,000 profit in 2005. Penguin resold one-third of this inventory to outside entities. Squid reported net income of $100,000 for 2005. The amount of noncontrolling interest share that will appear in the consolidated income statement for 2005 is

a.$ 8,400.

b.$ 9,200.

c.$10,000.

c.$10,800.

Answer rating: 100% (QA)

a8400 Profit recognised on transactions with in the group shall be written off here out ... View the full answer