Advanced Accounting Chapter 6 exam 100% solved

Advanced Accounting Chapter 6 exam 100% solved On January 1, 2018, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances: The balance in Riney's Investment in Garvin Co. account was $552,000, and the noncontrolling interest was $138,000. On January 1, 2018, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share. Riney did not acquire any of these shares. [QUESTION] REFER TO: 06-01 9. What is the balance in Riney's "Investment in Garvin Co. Account" following the sale of the 10,000 shares of common stock? $552,000. $560,000. $460,000. $404,000. $672,000. - ANSWER$560,000. 10. What amount should be attributed to the Noncontrolling Interest in Garvin Co. following the sale of the 10,000 shares of common stock? A) $288,000. B) $101,000. C) $280,000. D) $230,000. E) $168,000. - ANSWER$280,000 11. Rojas Co. owned 7,000 shares (70%) of the outstanding 10%, $100 par, preferred stock and 60% of the outstanding common stock of Brett Co. Assuming there are no excess amortizations or intra-entity transactions, and Brett reports net income of $780,000, what is the noncontrolling interest in the subsidiary's income? A) $234,000. B) $273,000. C) $302,000. D) $312,000. E) $284,000. - ANSWERC) $302,000