Question: You are viewing Attempt 2 / Continue Work Your answer is partially correct. Peabody Company owns 9 0 % of the outstanding capital stock of

You are viewing Attempt 2/ Continue Work
Your answer is partially correct.
Peabody Company owns 90% of the outstanding capital stock of Sloane Company. During 2014 and 2015 Sloane Company sold merchandise to Peabody Company at a markup of 25% of selling price. The selling price of the merchandise sold during the two years was $40,000 and $27,200, respectively. At the end of each year, Peabody Company had in its inventory one-fourth of the goods purchased that year from Sloane Company. Sloane Company reported net income of $27,300 in 2014 and $31,910 in 2015.
Determine the amount of the noncontrolling interest in consolidated income to be reported for 2014 and 2015.(Round answers to 0 decimal places, eg.5,125.)
Noncontrolling interest in consolidated income
$
eTextbook and Media
List of Accounts
You are viewing Attempt 2 / Continue Work Your

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!