Pine Company Owns an 80% Interest in Salad Company and a 90

question 2

Essay

Pine Company owns an 80% interest in Salad Company and a 90% interest in Tuna Company. During 2016 and 2017, intercompany sales of merchandise were made by all three companies. Total sales amounted to $2,400,000 in 2016, and $2,700,000 in 2017. The companies sold their merchandise at the following percentages above cost. The amount of merchandise remaining in the 2017 beginning and ending inventories of the companies from these intercompany sales is shown below. Reported net incomes (from independent operations including sales to affiliates) of Pine, Salad, and Tuna for 2017 were $3,600,000, $1,500,000, and $2,400,000, respectively.
Required:
A. Calculate the amount noncontrolling interest to be deducted from consolidated income in the consolidated income statement for 2017.
B. Calculate the controlling interest in consolidated net income for 2017.

Understand the role of personal branding in attracting customers.

Understand the importance of timely response to customer interactions on social media platforms.

Understand the various legal structures available for businesses and their formation process.

Identify the implications of different legal structures on taxation and liability.

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Definitions:

Isotopes of Oxygen

Variants of oxygen atoms with the same number of protons but different numbers of neutrons, leading to different atomic masses.

Ancient Earth

Refers to the geological and biological conditions of Earth in its early history, millions to billions of years ago.

Ancient Water

Refers to water that has been trapped in geological formations for thousands or even millions of years, often undisturbed by modern pollution.

Arctic and Antarctic Ice

Frozen water in the polar regions of the Earth, including sea ice, ice sheets, and glaciers, playing crucial roles in global climate regulation.