Hambly Corp

question 68

Essay

Hambly Corp. owned 80% of the voting common stock of Stroban Co. During 2013, 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 2013 was $119,000.
Required:
What was the non-controlling interest's share of Stroban Co.'s net income?

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Definitions:

Damage

Harm or injury that reduces the value, operation, or quality of something.

Endocrine System

A collection of glands within the body that release hormones into the bloodstream to regulate processes such as growth, metabolism, and sexual function.

Reticular Formation

A network of neurons located in the brainstem, involved in regulating wakefulness, alertness, and sleep-wake transitions.

Limbic System

An intricate network of nerves and brain regions close to the cortex's boundary, responsible for managing instinct and mood, encompassing various areas. This system regulates fundamental emotions such as fear, pleasure, and anger, as well as primary drives including hunger, sexual desire, dominance, and parental care.