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.

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