Use the following information for Questions 24 & 25:
P Company owns an 80% interest in S Company.During 2014, S sells merchandise to P for $150,000 at a profit of $30,000.On December 31, 2014, 50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below:
-Noncontrolling interest in income for 2014 is:
A)$3,000.
B)$14,400.
C)$15,000.
D)$18,000.

Question

Use the following information for Questions 24 & 25:
P Company owns an 80% interest in S Company.During 2014, S sells merchandise to P for $150,000 at a profit of $30,000.On December 31, 2014, 50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below: 
-Noncontrolling interest in income for 2014 is:
A)$3,000. 
B)$14,400. 
C)$15,000. 
D)$18,000.

Quizplus · Accepted Answer

The Answer of Use the following information for Questions 24 & 25:
P Company owns an 80% interest in S Company.During 2014, S sells merchandise to P for $150,000 at a profit of $30,000.On December 31, 2014, 50% of this merchandise is included in P's inventory.Income statements for P and S are summarized below: 
-Noncontrolling interest in income for 2014 is:
A)$3,000. 
B)$14,400. 
C)$15,000. 
D)$18,000.

Use the Following Information for Questions 24 & 25