Sleepy Company, a 70%-Owned Subsidiary of Pickle Corporation, Reported Net

question 10

Multiple Choice

Sleepy Company, a 70%-owned subsidiary of Pickle Corporation, reported net income of $600,000 and paid dividends totaling $225,000 during Year 3. Year 3 amortization of differences between current fair values and carrying amounts of Sleepy's identifiable net assets at the date of the business combination was $112,500. The noncontrolling interest in consolidated net income of Sleepy for Year 3 was:

• A) $146,250.
• B) $33,750.
• C) $67,500.
• D) $180,000.

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Definitions:

Posterior Chamber

Chamber of the eye between the iris and the lens.

Lens

A transparent, flexible optical element in the eye that focuses light onto the retina, allowing for clear vision.

Cornea

The eye's outermost, transparent layer, which covers the iris and pupil and helps focus incoming light.

Vascular

Pertaining to blood vessels, it involves the transport of blood throughout the body.