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Compute the balance in the non-controlling interest account

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Point 1: AAA Inc. acquired 65% of BBB Inc. on January 1, 2016 for $220,000, when BBB's Common Shares and Retained Earnings were worth $60,000 and $180,000 respectively. BBB's fair values approximated their book values on that.

Point 2: During 2016, investment Income loss in the amount of ($15,000) was recorded in AAA's investment in BBB's account. During 2017, investment income in the amount of $29,000 was recorded in AAA's investment in BBB's account. As well during 2017, BBB declared a dividend of $10,000. During the same year AAA declared a dividend of $20,000

Question 1: Compute BBB's net income / loss for 2016 and 2017.

Question 2: Compute the balance in the non-controlling interest account as at December 31, 2017.

Reference no: EM132490461

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