Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 45

King Company owns a 90 percent interest in the outstanding voting shares of Pawn Company.No excess fair-value amortization resulted from the acquisition.Pawn reports a net income of $110,000 for the current year.Intra-entity sales occur at regular intervals between the two companies.Unrealized gross profits of $30,000 were present in the beginning inventory balances, whereas $60,000 in similar gross profits were recorded at year-end.What is the noncontrolling interest's share of the subsidiary's net income