Hambly Corp

question 119

Essay

Hambly Corp.owned 80% of the voting common stock of Stroban Co.During 2018, 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 2018 was $119,000.Required:
Assuming there are no other intra-entity transactions nor excess amortizations, What was the net income attributable to the noncontrolling interest of Stroban?

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Definitions:

Private Property

Land or possessions owned by individuals or entities and not by the government or public.

Public Use

The use of land or resources for the benefit and welfare of the general public.

Universal Declaration

Refers typically to the Universal Declaration of Human Rights, a historic document adopted by the United Nations General Assembly that outlines the rights and freedoms to which all human beings are entitled.

Mother Earth

A term that personifies the planet Earth, emphasizing its life-giving and nurturing aspects.