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Paul Corporation Owns 70 Percent of the Voting Common Shares

Question 27

Multiple Choice

Paul Corporation owns 70 percent of the voting common shares of Sally 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 Sally Corporation report for the year?


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

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