Frank Corp. owned a 90% interest in Roberts Co. Roberts frequently made sales of inventory to Frank. The sales, which include a markup over cost of 25%, were $400,000 in 20 xx1. On December 31,20 xx1, Frank still owned $120,000 of the goods. Net income for Roberts was $900,000 during 20 xx1. Assuming there are no other intercompany asset transfers, what was the net income attributable to the noncontrolling interest for 20 xx1 ?
Frank Corp. owned a 90% interest in Roberts Co. Roberts frequently made sales of inventory to Frank. The sales, which include a markup over cost of 25%, were $400,000 in 20 xx1. On December 31,20 xx1, Frank still owned $120,000 of the goods. Net income for Roberts was $900,000 during 20 xx1. Assuming there are no other intercompany asset transfers, what was the net income attributable to the noncontrolling interest for 20 xx1 ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Frank Corp. owned a 90% interest in Roberts Co. Roberts frequently made sales of inventory to Frank. The sales, which include a markup over cost of 25%, were $400,000 in 20 xx1. On December 31,20 xx1, Frank still owned $120,000 of the goods. Net income for Roberts was $900,000 during 20 xx1. Assuming there are no other intercompany asset transfers, what was the net income attributable to the noncontrolling interest for 20 xx1 ?
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