Norek Corp

question 17

Multiple Choice

Norek Corp.owned 70% of the voting common stock of Thelma Co.On January 2, 2017, Thelma sold a parcel of land to Norek.The land had a book value of $32,000 and was sold to Norek for $45,000.Thelma's reported net income for 2017 was $119,000.Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what is net income attributable to the noncontrolling interest?

• A) $35,700.
• B) $31,800.
• C) $39,600.
• D) $22,200.
• E) $26,100.

Identify social constructs and their impact on development.

Describe the interaction between physical, cognitive, social, and emotional development.

Grasp the influence of socioeconomic factors and family structures on development.

Distinguish between maturation and environmental experiences in development.

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Definitions:

Total Variable Costs

The sum of all costs that vary directly with the level of production or service provision, such as materials and labor.

Total Sales Revenue

The total amount of income generated by the sale of goods or services before any costs or expenses are deducted.

Cost Object

A cost object is any item for which a separate measurement of costs is desired, including products, services, projects, or activities.

Denominator Volume

The quantity or capacity used as the denominator in allocating fixed costs to different units, often affecting the cost per unit calculation.