The Following Data Pertains to Questions

question 34

Multiple Choice

The following data pertains to questions
Parent and Sub Inc had the following balance sheets on July 31,2007: The Net Incomes for Parent and Sub Inc for the year ended July 31,2007 were $120,000 and $60,000 respectively.
-Assuming that Parent Inc acquires 80% of Sub Inc,what amount would appear in the Non-Controlling Interest Account on the Consolidated Balance Sheet on the date of acquisition if the Proprietary Method were used?

• A)$200,000
• B)Nil
• C)$120,000
• D)$100,000

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