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accounting 7760816

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QUESTION: SOLUTION: COMPUTATION OF NON-CONTROLLING INTEREST PARTICULARS AMOUNT Share in Net Income $91,200.00 Opening Profits on stock transf $2,520.00 Closing Profits on stock transf -$3,000.00 Non Controlling Interest $90,720.00 Therefore, the correct option is c). Gibson Corp. owned a 90% interest in Sparis Co. Sparis freq include a markup over cost of 25%, were $420,000 in 2010 an 30% of the goods. Net income for Sparis was $912,000 during for 2011? A. $85,680. B. $90,600. C. $90,720. D. $91,680. E. $91,800.

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Accounting 7760816

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Sheet1QUESTION:Gibson Corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a markup over cost of 25%, were $420,000 in 2010 and $500,000 in 2011. At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,000 during 2011. What was the noncontrolling interest's share of Sparis' net income for 2011?A.$85,680.B.$90,600.C.$90,720.D.$91,680.E.$91,800.SOLUTION:COMPUTATION OF NON-CONTROLLING INTERESTPARTICULARSAMOUNTShare in Net Income$91,200.00Opening Profits on stock transfer$2,520.00Closing Profits on stock transfer-$3,000.00Non Controlling Interest$90,720.00Therefore, the correct option is c).

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