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Snoopy Corporation, a 60% owned subsidiary of Praline Corp, made $8,000 profit on land it...

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Accounting

image Snoopy Corporation, a 60% owned subsidiary of Praline Corp, made $8,000 profit on land it sold to its parent on June 30, 2014. Praline resold the land in 205 at its cost from Snoopy. Praline's separate income (excludes investment income from Snoopy) was $40,000 in 2014 and $30,000 in 2015. Snoopy's Net income was \$24,000 in 2014 and \$18,000 in 2015. Q1- Praline's controlling share of net income for 2014 is: a. $40,000 b. $48,000 c. $49,600 d. $56,000 e. None of the above Q2- Praline's controlling share of net income for 2015 is: a. $30,000 b. $36,000 c. $40,800 d. $45,600 e. None of the above Q3- Noncontrolling interest share for 2014 is: a. $1,600 b. $6,400 c. $9,600 d. $12,800 e. None of the above Q4- Noncontrolling interest share for 2015 in: a. $10,400 b. $15,200 c. $17,600 d. $26,000 e. None of the above

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