Norek corp. owned 70 of the voting common stock of thelma, Ask an Expert

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Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?

a) $35,700

b) $31,800

c) $39,600

d) $26,100

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9443689

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