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(Based on the Other Topics section.) A partial income statement for Half Moon, Inc. is reported below.
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Order Paper NowIn addition, the following disclosure was found in the notes to the financial statements.
Required Explain each of the following.
A. What information is conveyed by the line labeled “Equity income in related company� Describe the situation that must prevail for this line to appear on an income statement.
B. What information is conveyed by the line labeled “Noncontrolling interest in net income of subsidiary� Describe the situation that must prevail for this line to appear on an income statement. Why is this amount subtracted in this case?
C. What information is conveyed by each of the first three lines of Note 7?
D. What information is conveyed by each of the second set of three lines of Note 7?
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