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What amount of equity income should hillcrest report

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On January 1, Hillcrest Co. acquired a 40% interest in Preston, Inc. with the excess of purchase price over book value solely attributable to equipment with a ten-year life and undervaluation by $250,000. During the year of acquisition, Preston reported net income of $500,000.

Problem 1: What amount of Equity Income should Hillcrest report on its income statement for the year of acquisition?

Reference no: EM132829750

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