Jeremy reported net income of 50000 for 2003., Ask an Expert

Accounting

Jeremy Corporation, a 90%-owned subsidiary of Pagliaro Corporation, sold inventory items to its parent at $12,000 profit in 2003. Pagliaro resold one-third of this inventory to outside entities. Jeremy reported net income of $50,000 for 2003. Non-controlling interest income that will appear in the consolidated income statement for 2003 is:

A-$4,200

B-$4,600

C-$5,000

D-$5,400

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412216

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