Assuming the Parent entity elects to measure the NCI at proportionate basis, the computation of non- controlling interest in net income of subsidiary is reduced by the following, except:
Assuming the Parent entity elects to measure the NCI at proportionate basis, the computation of non- controlling interest in net income of subsidiary is reduced by the following, except:
Chapter22: S Corporations
Section: Chapter Questions
Problem 12DQ
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1. Assuming the Parent entity elects to measure the NCI at proportionate basis, the computation of non- controlling interest in net income of subsidiary is reduced by the following, except:
O Amortization of undervalued assets
O All of the above
O Amortization of overvalued liabilities
O Impairment loss of
2. Which of the following statements is correct?
Statement 1: Any unrealized profit or loss made by the subsidiary should be eliminated from its profit.
Statement 2: only the group portion of any unrealized profit need to be eliminated.
a. both I and II
b. I
c. Neither 1 or 2
d. II
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