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Keefe, Incorporated, acquires 70% of George Company on September 1, 2005, and an additional 10% on April 1, 2006. Annual amortization of $5,000 relates to the first acquisition and $3,000 to the second. George reports the following figures for 2006:
Revenues $500,000 Expenses 400,000 Retained earnings 1/1/06 300,000 Dividends paid 50,000 Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2006.
What is consolidated net income for 2006?
a) $365,000
b) $370,250
c) $372,000
d) $374,000
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