Hambly Corp

question 68

Essay

Hambly Corp. owned 80% of the voting common stock of Stroban Co. During 2013, Stroban sold a parcel of land to Hambly. The land had a book value of $82,000 and was sold to Hambly for $145,000. Stroban's reported net income for 2013 was $119,000.
Required:
What was the non-controlling interest's share of Stroban Co.'s net income?

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Definitions:

Basal Ganglia

A group of structures located deep within the brain, involved in coordinating movement and to some degree, behavior and emotions.

Hippocampus

A region of the middle part of the temporal lobe involved with memory formation.

Temporal Lobes

Regions of the brain located beneath the temples, crucial for processing auditory information and involved in managing memory and emotions.

Occipital Lobes

The region of the brain located at the back of the head, responsible for receiving and processing visual information.