The Following Information Pertains to Questions

question 44

Multiple Choice

The following information pertains to questions
Find Corp.is a joint venture in which Seek Inc.has a 20% interest.Seek uses the equity method to account for its investment but has yet to make any journal entries for 2010.The financial statements of both companies are shown below on December 31,2010. During 2010,Seek sold merchandise totaling $120,000 to Find and recorded a gross profit of 50% on these sales.At the end of 2010,Find's inventory contained $30,000 worth of merchandise purchased from Seek.Find also owed $50,000 to find at the end of 2010.
Seek shall use the proportionate consolidation method (current Canadian GAAP) to report its investment in Find Corp.for 2010.Both companies are subject to 40% tax rate.
-What is the amount of non-controlling interest that would appear on Seek's December 31,2010 Consolidated Balance Sheet?

• A)$144,000
• B)$136,000
• C)$180,000
• D)Nil.

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Definitions:

Individual Inferiority

Individual inferiority describes feelings of being less valuable, competent, or worthy compared to others, often affecting self-esteem and behavior.

Social Interest

A sense of belonging and contributing to the well-being of others and society.

Life Tasks

Significant activities or challenges that an individual must navigate or accomplish throughout their life.

Inferiority-based Self Statements

Negative beliefs about oneself that are rooted in perceived weaknesses or deficiencies.