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Joe's beginning and ending inventories contain unconfirmed profits on goods purchased from Sam of $70,000 and $90,000, respectively. Sam's beginning and ending inventories contain unconfirmed profits on goods purchased from Joe of $100,000 and $70,000, respectively. Joe owns 80% of Sam. What is the effect on consolidated net income and the noncontrolling interest in net income?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956962

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