Squid reported net income of 100000 for 2005. minority, Ask an Expert

Accounting

Squid Corporation, a 90%-owned subsidiary of Penguin Corporation, sold inventory items to its parent at a $24,000 profit in 2005. Penguin resold one-third of this inventory to outside entities. Squid reported net income of $100,000 for 2005. Minority interest income that will appear in the consolidated income statement for 2005 is?

A-$ 9,200.

B-$10,000.

C-$ 8,400.

D-$10,800.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412209

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