Multiple Choice
X-Beams Inc.owned 70% of the voting common stock of Kent Corp.During 2018, Kent made several sales of inventory to X-Beams.The total selling price was $180,000 and the cost was $100,000.At the end of the year, 20% of the goods were still in X-Beams' inventory.Kent's reported net income was $300,000.Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what was the net income attributable to the noncontrolling interest in Kent?
A) $90,000.
B) $85,200.
C) $54,000.
D) $94,800.
E) $86,640.
Correct Answer:
Verified
Correct Answer:
Verified
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