Hambly Corp

question 17

Essay

Hambly Corp. owned 80% of the voting common stock of Stroban Co. During 2011, 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 2011 was $119,000.
Required:
What was the non-controlling interest's share of Stroban Co.'s net income?

---

Definitions:

Electronic Document

A digital form of a document that can be created, viewed, edited, stored, and transmitted electronically, often in formats like PDF or DOC.

Webpage

A hypertext document connected to the World Wide Web that can display text, images, audio, video, and other multimedia elements.

GHz

Gigahertz, a unit of frequency equal to one billion hertz, often used to measure the clock speed of computer processors.

CPU Clock Speed

The speed at which a computer's central processing unit (CPU) operates, measured in gigahertz (GHz).