Mickelson Company acquired an 80% interest in Footjoy on January 1, Year 1, for $1,200,000. The book value of Footjoy's identifiable net assets at that date was $900,000. One depreciable asset (10-year life) had a fair value that exceeded its book value by $100,000. Footjoy reported $60,000 of net income in Year 1 and paid $40,000 in dividends. What is the noncontrolling interest in NET INC for Year 1?

International outsourcing is most advantageous ________.

A) when control on all aspects of its operations is essential for a firm B) for those firms that have a strong presence in the domestic market C) when domestic production costs are low D) for functions that need to be operational 24x7

The partnership of Joe Baker, Art Green, and Guy Madison is insolvent. The partnership's liabilities exceed its assets by $123,000. The liabilities include a $25,000 loan from Madison. Green is personally insolvent. His personal liabilities exceed his personal assets by $13,500. Green has filed a voluntary petition in bankruptcy. Under these circumstances, partnership creditors

A. Must proceed against the partnership and all the general partners in one lawsuit so that losses may be shared equitably among the partners. B. Rank first in payment and all (including Madison) will share proportionately in the partnership assets to be distributed. C. Will have the first claim to partnership property to the exclusion of the personal creditors of Green. D. Do not have the right to share pro rata with Green's personal creditors in Green's personal assets.