Use the Following Information for Questions 17 & 18

question 15

Multiple Choice

Use the following information for Questions 17 & 18:
P Company owns an 80% interest in S Company.During 2014, S sells merchandise to P for $200,000 at a profit of $40,000.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)$300,000.
• B)$380,000.
• C)$396,000.
• D)$420,000.

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Definitions:

Dower Deed

A legal document that grants a surviving spouse rights to a portion of the property owned by the deceased spouse.

Age Discrimination Prohibitions

Legal restrictions that prevent discrimination against individuals based on their age, especially in employment settings.

Sublease

A lease given by a lessee to a third person conveying the same interest for a shorter term than the period for which the lessee is holding it. Also called underlease.

Exclusive Possession

The right of an individual or entity to use property without interference from others.