Presented below are certain account balances of Metlock Products Co. Rent revenue $6,600 Sales discounts $8,180 Interest expense 13,180 Selling expenses 99,820 Beginning retained earnings 114,440 Sales revenue 407,300 Ending retained earnings 134,540 Income tax expense 28,592 Dividend revenue 71,890 Cost of goods sold 186,293 Sales returns and allowances 12,470 Administrative expenses 90,580 Allocation to noncontrolling interest 18,440 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Metlock has allocation to noncontrolling interest of $18,440.

Kandon enterprises, inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. both divisions are considered separate components as defined by generally accepted accounting principles. the horse division has been unprofitable, and on november 15, 2018, kandon adopted a formal plan to sell the division. the sale was completed on april 30, 2019. at december 31, 2018, the component was considered held for sale. on december 31, 2018, the company’s fiscal year-end, the book value of the assets of the horse division was $415,000. on that date, the fair value of the assets, less costs to sell, was $350,000. the before-tax loss from operations of the division for the year was $290,000. the company’s effective tax rate is 40%. the after-tax income from continuing operations for 2018 was $550,000. required: 1. prepare a partial income statement for 2018 beginning with income from continuing operations. ignore eps disclosures. 2. prepare a partial income statement for 2018 beginning with income from continuing operations. assuming that the estimated net fair value of the horse division’s assets was $700,000, instead of $350,000. ignore eps disclosures.