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What is the amount of consolidated net income on Dec

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Reference no: EM132850086

Problem - On Jan 1, 20X1, Ouyang Inc paid $1,000,000 to acquire 70% of Huang Inc. They have the following information on that date (years of remaining useful life: equipment 5; trademarks: 10; Patents: 4):

 

Ouyang Inc

Huang Inc

FV of Huang Inc

Current assets

$300,000

$400,000

$400,000

Equipment

250,000

200,000

280,000

Trademarks

320,000

240,000

290,000

Patents

150,000

180,000

140,000

Liabilities

340,000

200,000

200,000

Revenues

450,000

350,000

 

Expenses

180,000

190,000

 

Required - What is the amount of consolidated net income on Dec 31, 20X1?

Reference no: EM132850086

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