Small-Town Retail owns 70 percent of Supplier Corporation's common stock. For the current financial year, Small-Town and Supplier reported sales of $450,000 and $300,000 and expenses of $290,000 and $240,000, respectively.
-Based on the preceding information,what is the amount of net income to be reported in the consolidated income statement for the year under the entity theory approach?
A) $210,000
B) $202,000
C) $160,000
D) $220,000

Question

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The Answer of Small-Town Retail owns 70 percent of Supplier Corporation's common stock. For the current financial year, Small-Town and Supplier reported sales of $450,000 and $300,000 and expenses of $290,000 and $240,000, respectively.
-Based on the preceding information,what is the amount of net income to be reported in the consolidated income statement for the year under the entity theory approach?
A) $210,000
B) $202,000
C) $160,000
D) $220,000

Small-Town Retail Owns 70 Percent of Supplier Corporation's Common Stock