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Pear Co.'s income statement for the year ended December 31, as prepared by Pear's controller, reported income before taxes of $125,000. The auditor questioned the following amounts that had been included in income before taxes:
Equity in earnings of Cinn Co. $ 40,000
Dividends received from Cinn 8,000
Adjustments to profits of prior years for
arithmetical errors in depreciation (35,000)
Problem 1: Pear owns 40% of Cinn's common stock, and no acquisition differentials are relevant. Pear's December 31 income statement should report income before taxes of
A. $85,000
B. $117,000
C. $120,000
D. $152,000
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