Please do not give solution in image format ? Florrick Co. owns 85% of Bishop Inc. The two companies file a consolidated income tax return and Florrick uses theinitial value method to account for the investment. The following information is available from the two companies'financial statements:Separate operating income (excludes equity or dividend income from subsidiary)Net intra-entity gains on assets remaining in the consolidated entity in current year income 60,000(included in separate operating income above)Dividends received from Bishop Inc. (not included in separate operating income above)Dividends paidThe income tax rate was 40%.O $12,280$12,625What was the net income attributable to the noncontrolling interest, assuming that the separate return method wasused to assign the income tax expense?O $10,575FlorrickCo.BishopInc.$500,000 $125,00020,000$31,250O $6,75028,000120,000 50,000-0-

1. Calculate consolidated net income:Combine Flor Rick's and Bishop's separate operating income:…

Answered: What was the net income attributable to…

What was the net income attributable to the noncontrolling interest, assuming that the separate return method was used to assign the income tax expense?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

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Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 48P

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