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Use the Following Information for Questions 17 & 18

question 31

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: 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:   -Noncontrolling interest in income for 2014 is: A) $4,000. B) $19,200. C) $20,000. D) $24,000.
-Noncontrolling interest in income for 2014 is:

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