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Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at...

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Accounting

Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling 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

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