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Question - Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20X4, for $354,000, when the fair value of its net identifiable assets was $464,000 and the fair value of the non-controlling interest was $110,000. Slice reported common stock outstanding of $140,000 and retained earnings of $200,000. The excess of fair value over book value of Slice's net assets was attributed to amortizable assets with a remaining life of 10 years. On December 31, 20X4, Slice sold a building to Pizza and recorded a gain of $23,000. Income assigned to the non-controlling shareholders in the 20X4 consolidated income statement was $17,900.
Required -
a. Compute the amount of net income Slice reported for 20X4.
b. Compute the amount reported as consolidated net income if Pizza reported operating income of $237,000 for 20X4.
c. Compute the amount of income assigned to the controlling interest in the 20X4 consolidated income statement.
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