The income assigned to the non-controlling interest in the 20x4 consolidated income statement will be:A. 12,000B. 14,000C. 18,000D. 52,000 On January 1, 20x2, Gold Company purchased a computer with an expected economic life of five years.OnJanuary 1, 20x4, Gold sold the computer to TLK Corporation and recorded the following entry:Cash39,00016,000Accumulated DepreciationComputer EquipmentGain on sale of equipment40,00015,000TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of P45,000, and TLKreportedincome from its own operations of P85,000 for 20x4. There is no change in the estimated life ofthe equipment as a result of the inter-corporate transfer.

Income statement means a financial statement that shows the profit and loss of the business during a…

Answered: The income assigned to the…

The income assigned to the non-controlling interest in the 20x4 consolidated income statement will be: A. 12,000 B. 14,000 C. 18,000 D. 52,000

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

The income assigned to the non-controlling interest in the 20x4 consolidated income statement will be:

A. 12,000

B. 14,000

C. 18,000

D. 52,000

On January 1, 20x2, Gold Company purchased a computer with an expected economic life of five years.
OnJanuary 1, 20x4, Gold sold the computer to TLK Corporation and recorded the following entry:
Cash
39,000
16,000
Accumulated Depreciation
Computer Equipment
Gain on sale of equipment
40,000
15,000
TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of P45,000, and TLK
reportedincome from its own operations of P85,000 for 20x4. There is no change in the estimated life of
the equipment as a result of the inter-corporate transfer.

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