Pink IncSells Half of Its 70% Interest in Salmon Co

question 33

Multiple Choice

Pink Inc.sells half of its 70% interest in Salmon Co.on January 1,20X6.On that date,the fair value of Salmon as a whole is $940,000 and the carrying amount of Pink's 70% share of Salmon is $320,000.What,if any,is the gain on the sale of half of Pink's interest in Salmon?

• A)$0
• B)$9,000
• C)$169,000
• D)$338,000

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Definitions:

Noncommissioned Officers

Military personnel who have earned a position of authority by promotion through the ranks rather than by commission; they serve as essential links between the enlisted personnel and the commissioned officers.

Second World War

A global conflict that lasted from 1939 to 1945, involving most of the world's nations, including all of the great powers, eventually forming two opposing military alliances: the Allies and the Axis.

Double V Campaign

A World War II-era movement by African Americans advocating for victory over fascism abroad and racial discrimination at home in the United States.

Discrimination

The unjust or prejudicial treatment of different categories of people, especially based on race, age, sex, or disability.