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P Company Owns an 80% Interest in S Company

Question 2

Multiple Choice

P Company owns an 80% interest in S Company.During 2017,S sells merchandise to P for $200,000 at a profit of $40,000.On December 31,2017,50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below: P Company owns an 80% interest in S Company.During 2017,S sells merchandise to P for $200,000 at a profit of $40,000.On December 31,2017,50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below: Noncontrolling interest in income for 2017 is: A) $4,000. B) $19,200. C) $20,000. D) $24,000. Noncontrolling interest in income for 2017 is:


A) $4,000.
B) $19,200.
C) $20,000.
D) $24,000.

Correct Answer:

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