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?

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Definitions:

Polyandry

A mating system in which a female has multiple male partners during a breeding season.

Polyandrous Females

Females that mate with multiple males during a breeding season, often to increase genetic diversity of their offspring.

Polygyny

A mating system in which one male mates with multiple females, often leading to complex social structures and competitive behaviors among males.

Female Behavior

A broad term describing the actions or reactions of female individuals of a species, often studied in the context of mating, parental care, and social interactions.