Hardwood reported net income of 150000 while pittstoni, Ask an Expert

Accounting

Consolidated Financial Statements/Intercompany Asset transactions

Hardwood, Inc., holds a 90 percent interest in Pittstoni Company. During 2009, Pittstoni sold inventory costing $77,000 to Hardwood for $110,000. Of this inventory, $40,000 worth was not sold to outsiders until 2010. During 2010, Pittstoni sold inventory costing $72,000 to Hardwood for $120,000. A total of $50,000 of this inventory was not sold to outsiders until 2011. In 2010, Hardwood reported net income of $150,000 while Pittstoni reported $90,000. What is the noncontrolling interest in the 2010 income of the subsidiary?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9410912

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