On January 1,2009,Race Corp

question 19

Multiple Choice

On January 1,2009,Race Corp.acquired 80% of the voting common stock of Gallow Inc.During the year,Race sold to Gallow for $450,000 goods which cost $330,000.Gallow still owned 15% of the goods at year-end.Gallow's reported net income was $204,000,and Race's net income was $806,000.Race decided to use the equity method to account for this investment.What was the noncontrolling interest's share of consolidated net income?

• A)$37,200.
• B)$22,800.
• C)$30,900.
• D)$32,900.
• E)$40,800.

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Definitions:

Neurotransmitter

Chemical messengers in the brain that transmit signals between neurons, playing a crucial role in regulating bodily functions and mood.

Anxiolytics

Medications designed to reduce anxiety and its related disorders, acting on the central nervous system.

Pharmacodynamics

The branch of pharmacology dealing with the effects of drugs and the mechanisms of their action in the body, including drug-receptor interactions.

Economic Context

The financial environment in which businesses and individuals operate, including factors like job market, inflation, and fiscal policy.