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What is the amount that will be recorded as net income

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Account

                                     Investor          Investee
Sales                              $500,000         $300,000

Cost of Goods Sold            230,000          170,000

Gross Profit                      $270,000         $130,000

Selling & Admin.Expenses    120,000           100,000

Net Income                      $150,000          $30,000

                                     ========      ========

Dividends paid                  50,000             10,000

Assuming Investor owns 70% of Investee. What is the amount that will be recorded as Net Income for the Controlling Interest?

Reference no: EM132319359

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