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(Solved) (Latest ver. Aug 2020) - NCI Sale of Fixed Asset by Subsidiary to Holding Company

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On January 1, 2008, Adam Company sold equipment with a book value of $40,000 and a remaining economic life of 10 years to Aldor Company for $95,000. Aldor Company owns 90 percent of the outstanding voting common stock of Adam. During 2008, Adam reported net income of $70,000 and paid dividends of $10,000; Aldor reported net income of $115,000. Par's 2008 consolidated income statement would show income to the non-controlling interest of:

 







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This question was answered on: Sep 16, 2020

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