X Corporation owns 80% of the voting common shares of Y Corporation. Non-controlling interest was assigned $24,000 of income in the 2009 consolidated income statement. What amount of net income from Y did X Corporation report for the year? Select one: a. 150,000 b. 130,000 c. 120,000 d. 96,000

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 6MCQ
icon
Related questions
Question
X Corporation owns 80% of the voting common shares of Y Corporation. Non-controlling interest was assigned $24,000 of income in the 2009 consolidated income statement. What amount of net income from Y did X Corporation report for the year? Select one: a. 150,000 b. 130,000 c. 120,000 d. 96,000
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
S Corporations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage