Multiple Choice
In the consolidated income statement of Wattlebird Corporation and its 85% owned Forest subsidiary,the noncontrolling interest share was reported at $45,000.Assume the book value and fair value of Forest's net assets were equal at the acquisition date.What amount of net income did Forest have for the year?
A) $52,941
B) $38,250
C) $235,000
D) $300,000
Correct Answer:
Verified
Correct Answer:
Verified
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