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Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling interest was assigned $21,000 of income in the 20X0 consolidated income statement. What amount of net income did McNichols Corporation report for the year? a) $70,000 b) $63,000 c) $30,000 d) $147,000

Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling interest was assigned $21,000 of income in the 20X0 consolidated income statement. What amount of net income did McNichols Corporation report for the year? a) $70,000 b) $63,000 c) $30,000 d) $147,000

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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Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling interest was assigned $21,000 of income in the 20X0 consolidated income statement. What amount of net income did McNichols Corporation report for the year? a) $70,000 b) $63,000 c) $30,000 d) $147,000
Transcribed Image Text:Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling interest was assigned $21,000 of income in the 20X0 consolidated income statement. What amount of net income did McNichols Corporation report for the year? a) $70,000 b) $63,000 c) $30,000 d) $147,000
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