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What is the amount of consolidated net income reported

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On October 1, Year 5, Plant Company acquired 100% of the common stock of Seed Company. Assume that for the periods January 1, Year 5, through September 30, Year 5, and October 1 through December 31, Year 5, Plant and Seed companies reported the following net incomes:

                                                      Plant                  Seed                 Totals

January 1 - September 30         $50,000            $25,000           $75,000

October 1 - December 31       $20,000             $10,000           $30,000

Totals                               $70,000              $35,000               $105,000

Plant and Seed did not engage in intercompany transactions during the year.

Problem A. What is the amount of Consolidated Net Income reported immediately after the acquisition of Seed?123

Problem B. What is the amount of Consolidated Net Income reported for the fiscal year ending December 31, Year 5?

Reference no: EM132718626

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