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On January 1, 2014, Sharon Company, a 60% owned corporation of Polly Company, sells a building with a book value of 300,000 to Polly for 350,000. At the time of the sale, the building has an estimated remaining life of 10 years, no salvage value. If Sharon reports a net income of 1,000,000 in 2014, non-controlling interest in net income will be: A. 402,000 B. 380,000 C. 400,000 D. 382,000

On January 1, 2014, Sharon Company, a 60% owned corporation of Polly Company, sells a building with a book value of 300,000 to Polly for 350,000. At the time of the sale, the building has an estimated remaining life of 10 years, no salvage value. If Sharon reports a net income of 1,000,000 in 2014, non-controlling interest in net income will be: A. 402,000 B. 380,000 C. 400,000 D. 382,000

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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On January 1, 2014, Sharon Company, a 60% owned corporation of Polly Company, sells a building with a book value of 300,000 to Polly for 350,000. At the time of the sale, the building has an estimated remaining life of 10 years, no salvage value. If Sharon reports a net income of 1,000,000 in 2014, non-controlling interest in net income will be:

A. 402,000

B. 380,000

C. 400,000

D. 382,000

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