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Xing Corporation Owns 80 Percent of the Voting Common Shares

Question 20

Multiple Choice

Xing Corporation owns 80 percent of the voting common shares of Adams Corporation.Noncontrolling interest was assigned $24,000 of income in the 20X9 consolidated income statement.What amount of net income did Adams Corporation report for the year?


A) $150,000
B) $96,000
C) $120,000
D) $30,000

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