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Pie Corporation acquired 70 percent of Slice Company's common stock on December 31, 20x5, at underlying book value, The book values and fair values of Slice's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30 percent of the total book value of Slice. Slice provided the following trial balance data at December 31, 20x5:
Debit
Credit
Cash
Accounts Receivable Inventory
Buildings and Equipment Cost of Goods Sold Depreciation Expense
$ 29,000 64,450 91,400
(net) 204,000 106,900 24,500
Other Operating Expenses
30,620
Dividends Declared
15,100
Accounts Payable
$ 33,560
Notes Payable
118,000
Common Stock
90,600
Retained Earnings
133,500
Sales
190,310
Total
$565,970
Question 1: If Pie reported income of $144,750 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5?
Question 2: How much did Pie pay to purchase its shares of slice?
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