Answer:
Consolidated net income attributable to the noncontrolling interest $14,760
Consolidated net income attributable to the controlling interest $320,040
Explanation:
Computation of the amount of consolidated net income attributable to the noncontrolling interest and the amount of net income attributable to the controlling interest.
CONSOLIDATED NET INCOME attributable to the noncontrolling interest
First step is to find the Divide amount
Dividend =6% x $720,000
Dividend= $43,200
Second Step is to find the Net Income from Subsidiary
Net Income from Subsidiary= $117,000-$43,200
Net Income from Subsidiary=$73,800
Last step is to calculate consolidated net income attributable to the noncontrolling interest
Noncontrolling interest =$73,800 x 20%
Noncontrolling interest = $14,760
NET INCOME attributable to the controlling interest
First step is to find the controlling interest amount
Controlling interest=80% x $73,800
Controlling interest= $59,040
Last step is to find the Parent company income
Parent company income= $261,000 + $59,040
Parent company income= $320,040
Therefore Consolidated net income attributable to the noncontrolling interest is $14,760 while the Consolidated net income attributable to the controlling interest is $320,040
