Answer:
The question is missing the options, which are contained in the attached question.
The consolidated net income attributable to the non-controlling interest i $30,000.00 with option D as the correct answer as found in the attached
Explanation:
Neville's net income for the year $175,000.00
less annual excess fair value amortization ($25,000.00)
Net income after excess fair amortization $150,000.00
Chamberlain's share of net income
80%*$150,000.00 (<u>$120,000.00)</u>
Non-controlling interest share of net income $30,000.00
Note that the non-controlling interest is a balancing figure.
Chamberlain consolidated income can be computed thus:
Chamberlain 100% net income $380,000.00
Plus share of Neville's net income <u>$120,000.00</u>
Consolidated net income <u>$500000.00</u>
