Happy owns 80% of Sad, paying $500,000 on January 1, 2020. At that date, Sad had Equipment (20-year life) with a book value of 200,000 and a fair value of 600,000. In 2020 Sad had a net income of 100,000. How much is noncontrolling interest in subsidiary net income in 2020?

Happy owns 80% of Sad, paying $500,000 on January 1, 2020. At that date, Sad had Equipment (20-year life) with a book value of 200,000 and a fair value of 600,000. In 2020 Sad had a net income of 100,000. How much is noncontrolling interest in subsidiary net income in 2020?

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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