Inventory s 948,400 $ 1,924,000 $ 875,600 Sales Cost of goods sold Operating expenses 622,000 Net income attributable to noncontrolling interest 5,640 X %24

Fried Inc. purchased 90% ownership of Chicken Corp. in 2020, at underlying book value.  On that date, the fair value of non-controlling interest was equal to 10% of the book value of Chicken Corp.  Fried Inc. purchased inventory from Chicken Corp. for P270,000 on September 1, 2021, and resold the 70% of the inventory to unrelated parties on December 5, 2021 for P300,000.  Chicken Corp. produced the inventory sold to Fried Inc. for 201,000.  The entities had no other transactions during 2021.  What amount of consolidated net income will be assigned to Fried Inc. in 2021?* a. P 111,000 b. P 60,300 c. P 154,470 d. P 159,300 Thank you for answering!

On January 1, 2017, Harrison, Inc., acquired 90 percent of Starr Company in exchange for$1,125,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,200,000. Harrison computed annual excess fair-value amortization of $8,000 based on the difference between Starr’s total fair value and its underlying book value. The subsidiary reported net income of $70,000 in 2017 and $90,000 in 2018 with dividend declarations of $30,000 each year. Apart from its investment in Starr, Harrison had net income of $220,000 in 2017 and $260,000 in 2018. What is the balance of the non controlling interest in Starr at December 31, 2018?

House Corporation has been operating profitably since its creation in 1960. At the beginning of 2016, House acquired a 70 percent ownership in Wilson Company. At the acquisition date, House prepared the following fair-value allocation schedule:                 Consideration transferred for 70% interest in Wilson         $ 707,000 Fair value of the 30% noncontrolling interest           303,000 Wilson business fair value         $ 1,010,000 Wilson book value           790,000 Excess fair value over book value         $ 220,000 Assignments to adjust Wilson’s assets to fair value:             To buildings (20-year remaining life) $ 60,000         To equipment (4-year remaining life)   (20,000 )       To franchises (10-year remaining life)   40,000       80,000 To goodwill (indefinite life)         $ 140,000     House regularly buys inventory from Wilson at a markup of 25 percent more than cost. House's purchases during 2016 and 2017 and related ending inventory…