In the consolidated income statement of Wattlebird Corporation and its 85% owned Forest subsidiary, the noncontrolling interest share was reported at $45,000
Assume the book value and fair value of Forest's net assets were equal at the acquisition date. What amount of net income did Forest have for the year?
A) $52,941
B) $38,250
C) $235,000
D) $300,000
D
Explanation: D) $45,000 / 15% = $300,000
Business
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