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On january 1 2012 race corp acquired 70 of the voting

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On January 1, 2012, Race Corp. acquired 70% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $250,000 goods which cost $220,000. Gallow still owned 20% of the goods at year-end. Gallow's reported net income was $316,000, and Race's net income was $708,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?

Reference no: EM13584858

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