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Question 2 On Jan.1, 2020, X Company acquired 90% of y common stock...

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Question 2 On Jan.1, 2020, X Company acquired 90% of y common stock by $150,000 and fair value of noncontrolling interest is $50,000. The fair value of net assets of Y company equal book value es Inventory which was higher than cost by $10,000, while they were sold during 2020. On Dec 31, 2020, both companies determined: X Y Net income $50,000 $30,000 $10,000 Dividends $10,000 Compute 1. Consolidated Income 2. Income Assigned to NCI (Y Company) 3. income Assigned to CI (X Company)

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