Hambly Corp

question 2

Essay

Hambly Corp. owned 80% of the voting common stock of Stroban Co. During 2021, Stroban sold a parcel of land to Hambly. The land had a book value of $82,000 and was sold to Hambly for $145,000. Stroban's reported net income for 2021 was $119,000.Required:Assuming there are no other intra-entity transactions nor excess amortizations, what was the net income attributable to the noncontrolling interest of Stroban?

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Definitions:

Groups Behave

The collective actions or reactions of individuals within a group, influenced by the group's norms, dynamics, and goals.

Exchange Information

The process of giving and receiving data, knowledge, or feedback between individuals or groups.

Human Relations

Interpersonal interactions and relationships, including the social and emotional aspects, within the context of the workplace or broader society.

Emotional Intelligence

The ability to recognize, understand, manage, and utilize emotions effectively in oneself and others.