P Company Owns an 80% Interest in S Company

question 2

Multiple Choice

P Company owns an 80% interest in S Company.During 2017,S sells merchandise to P for $200,000 at a profit of $40,000.On December 31,2017,50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below: Noncontrolling interest in income for 2017 is:

• A)$4,000.
• B)$19,200.
• C)$20,000.
• D)$24,000.

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Definitions:

Mental Replay

The act of mentally revisiting a past event or experience, which can affect an individual's current mood and thoughts.

Repress

To hold back or suppress emotions, desires, or thoughts from conscious awareness.

Anxiety-arousing Memories

Recollections of past events that are linked with feelings of anxiety and fear, often impacting an individual's current emotional state and behavior.

Sigmund Freud

An Austrian neurologist and the founder of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.