Barking Power Corporation Acquired 80% of the Voting Common Shares

question 38

Essay

Barking Power Corporation acquired 80% of the voting common shares of Brighton Beach Corporation on December 31,2016.During the year ended December 31,2017,Barking Power Corporation and Brighton Beach Corporation reported net income of $110,000 and $75,000 from their own operations,respectively.
a.How much income attributable to the equity holders of the parent corporation will be reported on the consolidated income statement for the year ended December 31,2017?
b.Discuss the way in which non-controlling interests in the subsidiary might be presented on consolidated financial statements.What exactly does non-controlling interest represent?

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Definitions:

Internet Age

A period in human history characterized by the widespread adoption and use of the internet, impacting communication, commerce, and information access.

Relational Definition

A way of explaining something based on its relationships or connections to other things rather than its inherent qualities.

Power

The capacity or ability to direct or influence the behavior of others or the course of events.

Centrality

The degree of importance or influence of a node within a network, which determines how pivotal a person or organization is within the structure.