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    Yoderly Co. & Hambly Corporation Consolidation Entries

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    1.Yoderly Co., a wholly-owned subsidiary of Nelson Corp., sold goods to Nelson Corp. near the end of 1998. The goods had cost Yoderly $105,000 and the selling price was $140,000. Nelson had not sold any of the goods by the end of the year.

    Prepare the consolidation entries that are required for 1998.

    2. Hambly Corp. owns eighty percent of the voting common stock of Toban Co. During 1998, Toban sold a parcel of land to Hambly. The land had a book value of $82,000 and was sold to Hambly for $145,000. Toban's reported net income for 1998 was $119,000.

    What was the noncontrolling interest's share of Toban Co.'s net income?

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    Solution Summary

    This solution prepares the consolidation entries required for 1998 and also calculates the noncontrolling interest's shares of Toban Co.'s net income.