S is an 80% owned subsidiary of P, Inc. The following facts apply to 2024:...
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S is an 80% owned subsidiary of P, Inc. The following facts apply to 2024:
On January 1, 2024, S held $60,000 of merchandise sold to it from P. P made sales to S during 2024 totaling $150,000. On December 31, 2024, S had $80,000 of such goods purchased from P in its ending inventory. P always sells to S at a 25% gross profit.
In 2024 P reported net income of $500,000 without including income from S. S reported net income of $200,000. P accounts for S using the equity method.
2. Determine the consolidated net income for 2024, along with the Noncontrolling Interest in income and the Controlling Interest in income.
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