Business, 27.03.2020 03:47 babydoll1981

An 80%-owned subsidiary sells merchandise to its parent at a markup of 25% on cost. During the current year, the parent paid $725,000 for merchandise received from the subsidiary. By year-end, the parent has sold $600,000 of the merchandise to outside customers for $900,000, but still holds the other $125,000 in its ending inventory. What is the impact of the above information on noncontrolling interest in net income, reported on the consolidated income statement for the year? A. Subtract $25,000 B. No effect C. Subtract $20,000 D. Subtract $5,000

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An 80%-owned subsidiary sells merchandise to its parent at a markup of 25% on cost. During the curre...

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