Remeasure equity accounts and determine noncontrolling interest values. WTC Manufacturin...

Remeasure equity accounts and determine noncontrolling interest values. WTC Manufacturing, Inc., has an 80% interest in a foreign subsidiary, MofocoManufacturing. Relevant details regardingWTC’s investment inMofoco are as follows:

Mofoco employs the FIFO inventory method, and inventory available for sale during 2017 consisted of a beginning balance of 300,000 FC, acquired in the fourth quarter of 2016, and purchases during quarters 1 through 4 of 2017 of 400,000 FC, 620,000 FC, 700,000 FC, and 380,000 FC, respectively. Depreciation expense is based on a 10-year useful life, no residual or salvage values, and the straight-line method. The 2017 depreciation expense is traceable to depreciable assets acquired as follows:

When the depreciable assets were acquired on March 31, 2017, Mofoco also disposed of depreciable assets with historical costs as follows: 160,000 FC acquired on January 1, 2015, and 60,000 FC acquired on June 30, 2016. The sales proceeds from the disposition of assets were 120,000 FC for the assets acquired on January 1, 2015 and 58,000 FC for the assets acquired on June 30, 2016. The patent amortization is traceable to a patent that was acquired on June 30, 2016, and is being amortized over 12 years by the straight-line method. Relevant exchange rates are as follows:

1. Given the preclosing trial balance for the year ended 2017 as it relates to shareholders’ equity ofMofoco, calculate the remeasured U.S. dollar values.

2. Calculate the amount of 2017 consolidated net income that is traceable to the noncontrolling interest.