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X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?

a) $90,000

b) $88,560

c) $85,200

d) $77,700

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9410433

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