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Question - Florrick Co. owns 85% of Bishop Inc. The two companies file a consolidated income tax return and Florrick uses the initial value method to account for the investment. The following information is available from the two companies' financial statements:
Florrick Co.
Bishop Inc.
Separate operating income (excludes equity or dividend income from subsidiary)
$500,000
$125,000
Net intra-entity gains on assets remaining in the consolidated entity in current year income (included in separate operating income above)
60,000
20,000
Dividends received from Bishop Inc. (not included in separate operating income above)
28,000
-0-
Dividends paid
120,000
50,000
The income tax rate was 40%.
Required - What was the net income attributable to the noncontrolling interest, assuming that the separate return method was used to assign the income tax expense?
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