Hardford Corp. held 80% of Inglestone Inc., which, in turn, owned 80% of Jade Co. Excess amortization expense was not required by any of these acquisitions. Separate net income figures (without investment income) as well as upstream intra-entity gross profits (before deferral) included in the income for the current year follow: Hardford Corp. Inglestone Inc. Jade Co. Separate net income $560,000 $420,000 Intra-entity gross profits 70,000 42,000 The net income attributable to the noncontrolling interest of Inglestone Inc. is calculated to be Multiple Choice $114,530. $106,960. $103,680. $102,640. $106,950.
Hardford Corp. held 80% of Inglestone Inc., which, in turn, owned 80% of Jade Co. Excess amortization expense was not required by any of these acquisitions. Separate net income figures (without investment income) as well as upstream intra-entity gross profits (before deferral) included in the income for the current year follow: Hardford Corp. Inglestone Inc. Jade Co. Separate net income $560,000 $420,000 Intra-entity gross profits 70,000 42,000 The net income attributable to the noncontrolling interest of Inglestone Inc. is calculated to be Multiple Choice $114,530. $106,960. $103,680. $102,640. $106,950.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Hardford Corp. held 80% of Inglestone Inc., which, in turn, owned 80% of Jade Co. Excess amortization expense was not required by any of these acquisitions. Separate net income figures (without investment income) as well as upstream intra-entity gross profits (before deferral) included in the income for the current year follow:
Hardford Corp. |
Inglestone Inc. | Jade Co. |
| Separate net income | $560,000 | $420,000 |
| Intra-entity gross profits | 70,000 | 42,000 |
The net income attributable to the noncontrolling interest of Inglestone Inc. is calculated to be
Multiple Choice
$114,530.
$106,960.
$103,680.
$102,640.
$106,950.
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