Determine the amount of noncontrolling interest

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Reference no: EM131292144

Stanger Corporation purchased fifty five percent of Manzini Company on August 31, 2010 and an additional thirty five percent on October 1, 2011. There was no control premium paid. Annual excess amortization of $3,000 related to the first purchase and $5,000 related to the second purchase. Stanger earned $180,000 in net income for 2011 excluding any investment income from Manzini. Manzini reported the following figures for 2011:

Description Amount

Revenues $ 300,000

Expenses 210,000

Retained earnings January 1, 2011 270,000

Dividends paid 35,000

Common stock 155,000

Required:

a. Calculate the consolidated net income for 2011.

b. Determine the amount of noncontrolling interest at December 31, 2011.

Reference no: EM131292144

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