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Question - On January 1, 2022, Platinum, Inc. purchased 70% of Silver Corporation for $525,000. On that date the book value of the net assets of Silver totaled $500,000. Platinum uses the equity method to account for its acquisition. Based on the appraisal done at the time of the purchase, all of Silver's assets and liabilities had book values equal to their fair values except for Land which had a fair value of $200,000 and a book value of $100,000. The remaining acquisition accounting premium was allocated to goodwill.
??During 2022 Platinum reported net income of $200,000 in its separate financial statements and Silver reported net income of $100,000 in its separate financial statements.
In Platinum's Consolidated Income Statement what will be the amount of net income attributable to Platinum?
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