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On January 1, Year 6, AB Inc

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On January 1, Year 6, AB Inc. purchased 80 percent of the common shares of CD Corp. for $1,400,000. On the date of acquisition, CD's shareholders' equity was as follows:

Common shares $600,000

Retained earnings $608,000

Any acquisition differential was allocated to goodwill. During Year 6, CD earned a net income of $400,000 and paid dividends of $300,000. On December 31, Year 6, a goodwill impairment loss of $30,000 was recorded.

What is consolidated net income attributable to the non-controlling interest on the consolidated income statement for the year ended December 31, Year 6?

Choose correct answer

• $20,000
• $60,000
• $74,000
• $80,000