review for test 10 - X-Beams Inc. owned 70% of the voting...

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X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2011, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's netincome ? $90,000. $85,200. $54,000. $94,800. $86,640. Justings Co. owned 80% of Evana Corp. During 2011, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should not recognize a gain on the sale of the land since it was made to a related party. recognize a gain of $17,600. defer recognition of the gain until Evana sells the land to a third party. recognize a gain of $8,000. recognize a gain of $22,000. Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2010, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2010 was $119,000. What is the noncontrolling interest's share of Thelma's net income ? $35,700. $31,800. $39,600. $22,200. $26,100. Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2010, Clemente sold equipment to Snider for $125,000. The equipment had cost Clemente $140,000. At the time of the sale, the balance in accumulated depreciation was $40,000. The equipment had a remaining useful life of five years and a $0 salvage value. Straight-line depreciation is used by both Clemente and Snider. 190. award: 0 out of 0 points At what amount should the equipment (net of depreciation) be included in the consolidated balance sheet dated December 31, 2010? $105,000. $100,000. $95,000. $80,000. $85,000.
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references 191. award: 0 out of 0 points At what amount should the equipment (net of depreciation) be included in the consolidated balance sheet dated December 31, 2011? $110,000. $105,000. $100,000. $90,000. $60,000. During 2010, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord for $44,000. From the perspective of the combination, when is the $14,000 gain realized? When the goods are sold to a third party by Lord.
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review for test 10 - X-Beams Inc. owned 70% of the voting...

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