Mars Co.acquired 60% of the voting common shares of Venus Corporation on December 31,2017.During the year ended December 31,2017,Mars Co.and Venus Corporation reported net income of $120,000 and $80,000 from their own operations,respectively.
a_How much income will be reported on the consolidated income statement for
$\text { the year ended December 31, 2017? }$ b_What does non-controlling interest represent and where is it presented on a
$\text { consolidated balance sheet? }$

Question

Mars Co.acquired 60% of the voting common shares of Venus Corporation on December 31,2017.During the year ended December 31,2017,Mars Co.and Venus Corporation reported net income of $120,000 and $80,000 from their own operations,respectively.
a_How much income will be reported on the consolidated income statement for
 $\text { the year ended December 31, 2017? }$ b_What does non-controlling interest represent and where is it presented on a
 $\text { consolidated balance sheet? }$

Quizplus · Accepted Answer

The Answer of Mars Co.acquired 60% of the voting common shares of Venus Corporation on December 31,2017.During the year ended December 31,2017,Mars Co.and Venus Corporation reported net income of $120,000 and $80,000 from their own operations,respectively.
a_How much income will be reported on the consolidated income statement for
 $\text { the year ended December 31, 2017? }$ b_What does non-controlling interest represent and where is it presented on a
 $\text { consolidated balance sheet? }$

Mars CoAcquired 60% of the Voting Common Shares of Venus Corporation