Required information On January 1, 20X7, Server Company purchased a machine with an expected economic life of five years. On January 1, 20X9, Server sold the machine to Patron Corporation and recorded the following entry: Cash Accumulated Depreciation Machine Gain on Sale of Equipment Patron Corporation holds 75 percent of Server's voting shares. Server reported net income of $50,000, and Patron reported income from its own operations of $100,000 for 20X9. There is no change in the estimated economic life of the equipment as a result of the intercorporate transfer. Multiple Choice Based on the preceding information, income assigned to the noncontrolling interest in the 20X9 consolidated income statement will be: $12,000. $14,000. 45,000 28,000 $12,500. 70,000 3,000 $48,000.

Required information On January 1, 20X7, Server Company purchased a machine with an expected economic life of five years. On January 1, 20X9, Server sold the machine to Patron Corporation and recorded the following entry: Cash Accumulated Depreciation Machine Gain on Sale of Equipment Patron Corporation holds 75 percent of Server's voting shares. Server reported net income of $50,000, and Patron reported income from its own operations of $100,000 for 20X9. There is no change in the estimated economic life of the equipment as a result of the intercorporate transfer. Multiple Choice Based on the preceding information, income assigned to the noncontrolling interest in the 20X9 consolidated income statement will be: $12,000. $14,000. 45,000 28,000 $12,500. 70,000 3,000 $48,000.

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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