Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation,purchased at book value.Noncontrolling interest was assigned $21,000 of income in the 20X0 consolidated income statement.What amount of net income did McNichols Corporation report for the year?
A) $70,000
B) $63,000
C) $30,000
D) $147,000

Question

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The Answer of Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation,purchased at book value.Noncontrolling interest was assigned $21,000 of income in the 20X0 consolidated income statement.What amount of net income did McNichols Corporation report for the year?
A) $70,000
B) $63,000
C) $30,000
D) $147,000

Orange Corporation Owns 70 Percent of the Voting Common Shares