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Orange Corporation Owns 70 Percent of the Voting Common Shares

Question 25

Multiple Choice

Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation,purchased at book value.Noncontrolling interest was assigned $21,000 of income in the 20X0 consolidated income statement.What amount of net income did McNichols Corporation report for the year?


A) $70,000
B) $63,000
C) $30,000
D) $147,000

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