Use the Following Information for Questions 24 & 25

question 25

Multiple Choice

Use the following information for Questions 24 & 25:
P Company owns an 80% interest in S Company.During 2014, S sells merchandise to P for $150,000 at a profit of $30,000.On December 31, 2014, 50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below:
-Controlling interest in consolidated net income for 2014 is:

• A)$225,000.
• B)$285,000.
• C)$297,000.
• D)$315,000.

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Definitions:

Silver

A precious metal with a brilliant white metallic luster, known for its conductivity, malleability, and being used in jewelry, currency, and various industrial applications.

Paleolithic Art

Prehistoric art made during the Paleolithic era, characterized by cave paintings, engravings, and small sculptures, reflecting the earliest known human artistic achievements.

Findspot

Place where an artifact was found; provenance.

Scientific Analysis

The systematic examination and investigation of materials and substances using scientific methods and techniques to deduce properties or draw conclusions.