What was patters controlling share of net income for 20x7

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Question: Patter Corporation owns 76% of Son Corporation. Patter purchases land from Son for $65,000 in 20X6. The land originally cost Son $20,000. Patter sold the land to outsiders for $80,000 in 20X7. Patter's separate income (which excludes investment income from Son) was $120,000 in 20X6 and $160,000 in 20X7. Son's net income was $90,000 is 20X6 and $105,000 in 20X7. What was Patter's controlling share of net income for 20X7?

Reference no: EM133608924

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