At the end of each year gibson still owned 30 of the goods., Ask an Expert

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Gibson corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a mark up over cost of 25% were $420,000 in 2010 and $500,000 in 2011. At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,00 during 2011. What was the noncontrolling interest's share of Sparis net income for 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M963056

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