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Calculate the parent company from the subsidiary net income

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Question - Bahrain Company (the 90%-owned subsidiary); in 10/2/2017 sold land to Manama Company (the subsidiary) at selling price $250,000, the cost of land $230,000. During 2019, Manama Company sold the land at $290,000. Net income for Manama Company as follows:

 

2017

2018

2019

Net Profit

180,000

200,000

230,000

Required -

1. Journalize the above transactions in Parent Company records and in the Subsidiary Company records.

2. Calculate the Parent company from the subsidiary's net income?

3. Calculate the Minority interest from the subsidiary's net income?

4. Prepare the working paper in Journal entries format for 2017, 2018, and 2019?

Reference no: EM133030487

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