Reference no: EM132941743
On January 1, 2017, HHH Corporation purchased a truck with a useful life of five years, and a salvage value of $8,000. On January 1, 2019, HHH sold the truck to DDD Corporation. DDD assumed the same salvage value and remaining life of three years used by HHH. Straight-line depreciation is used by both companies.
On January 1, 2019, HHH recorded the following journal entry:
Debit Credit
Cash 50,000
Accumulated depreciation 18,000
Truck 53,000
Gain on Sale of Truck 15,000
DDD holds 60% of HHH. HHH reported net income of $55,000 in 2019 and DDD's separate net income (excludes interest in HHH) for 2019 was $98,000.
Problem 1: The noncontrolling interest share for 2019 was:
A) $26,000.
B) $22,000.
C) $23,000.
D) $18,000.
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