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Falco owns 70% of Teller, In 2021, Teller sells inventory (cost $77,000) to Falco for $110,000. Of this inventory, $40,000 was not sold to third parties until 2022. During 2022, Teller sells inventory (cost $72,000) to Falco for $120,000. Of this inventory, $50,000 was not sold to outsider until 2023. In 2022, Teller reports Net Income of $100,000. What is the noncontrolling interest in subsidiary net income in 2022 O $92,000 O $64,400 O $27,600 O $32,400

Falco owns 70% of Teller, In 2021, Teller sells inventory (cost $77,000) to Falco for $110,000. Of this inventory, $40,000 was not sold to third parties until 2022. During 2022, Teller sells inventory (cost $72,000) to Falco for $120,000. Of this inventory, $50,000 was not sold to outsider until 2023. In 2022, Teller reports Net Income of $100,000. What is the noncontrolling interest in subsidiary net income in 2022 O $92,000 O $64,400 O $27,600 O $32,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Falco owns 70% of Teller, In 2021, Teller sells inventory (cost $77,000) to Falco for $110,000. Of this inventory, $40,000 was not sold to third parties until 2022. During 2022, Teller sells inventory (cost $72,000) to Falco for $120,000. Of this inventory, $50,000 was not sold to outsider until 2023. In 2022, Teller reports Net Income of $100,000. What is the noncontrolling interest in subsidiary net income in 2022 O $92,000 O $64,400 O $27,600 O $32,400
Transcribed Image Text:Falco owns 70% of Teller, In 2021, Teller sells inventory (cost $77,000) to Falco for $110,000. Of this inventory, $40,000 was not sold to third parties until 2022. During 2022, Teller sells inventory (cost $72,000) to Falco for $120,000. Of this inventory, $50,000 was not sold to outsider until 2023. In 2022, Teller reports Net Income of $100,000. What is the noncontrolling interest in subsidiary net income in 2022 O $92,000 O $64,400 O $27,600 O $32,400
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