Ruby Company acquired 70 percent of Trever Company's outstanding common stock for $350,000 on January...
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Ruby Company acquired 70 percent of Trever Company's outstanding common stock for $350,000 on January 1,202. At that date, the fair value of the noncontrolling interest was $150,000. The fair value and the book value of Trever's net assets were equal to $500,000. Ruby uses the equity method to account for investments. Selected account balances from the two companies' individual records were as follows: Income from Trever Company ? What is the amount of consolidated net income allocated to controlling interest for year 20X2? $550,000. $570,000. $560,000. $590,000
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