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What the controlling interest share

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Question - Co. X acquired an 80% interest in Co. Y on January 1, 2020, for $96,000 cash when Co. Y had Capital Stock of $60,000 and Retained Earnings of $40,000. The fair value/book value differential was attributable to equipment with a 10-year (straight-line) life. Co. Y suffered a $10,000 net loss in 2020 and paid no dividends. At year-end 2020, Co. Y owed Co. X $16,000 on account. Co. X's separate income for 2020 was $150,000. What the Controlling interest share of consolidated net income for 2020?

A - $140,400

B - $141,400

C - $140,200

D - $150,000

Reference no: EM133019056

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