Non-Controlling Interest in Gargiulo's Net Income for 2012.
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Gargiulo Company a 90% owned subsidiary of Posito Corporation sells inventory to Posito at a 25% profit on selling price. The following data are available pertaining to intra-entity purchases. Gargiulo was acquired on January 1, 2010.
Assume the equity method is used. The following data are available pertaining to Gargiulo's income and dividends.
Compute the non-controlling interest in Gargiulo's net income for 2012.
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Net Income........................................................$94,000
Add intra-entity profits from ...
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