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:

Shared System

A framework or structure that is used and maintained by multiple users or entities, allowing for collaboration, resource sharing, and collective benefits.

Cultural Adjustment

involves the process of adapting to and understanding different cultural norms, values, and practices, often experienced when moving or traveling to a new country.

Culture Shock

The experience of confusion, distress, or disorientation that can occur when a person is suddenly exposed to an unfamiliar culture, way of life, or set of attitudes.

Ethnocentrism

The act of judging another culture based on the values and standards of one's own culture, often leading to bias and misunderstanding.