In the Consolidated Income Statement of Wattlebird Corporation and Its

question 12

Multiple Choice

In the consolidated income statement of Wattlebird Corporation and its 85% owned Forest subsidiary,the noncontrolling interest share was reported at $45,000.Assume the book value and fair value of Forest's net assets were equal at the acquisition date.What amount of net income did Forest have for the year?

• A)$52,941
• B)$38,250
• C)$235,000
• D)$300,000

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Definitions:

Social Framework

The structured set of social institutions, norms, and practices that guide and shape individual and collective behavior.

Canada

A country located in the northern part of North America, known for its multicultural population and diverse landscapes.

Monoculture

The cultivation of a single crop in a given area, or a cultural lack of diversity due to the dominance of a single social or cultural group.

Homogeneity

The condition of everything being identical or of a single type.