Placer Corporation purchased 80 percent of the voting common stock of Billings Company on January 1, 20X4, at underlying book value. Placer Corporation and Billings Company reported total revenue of \(\$ 410,000\) and \(\$ 200,000\), and total expenses of \(\$ 320,000\) and \(\$ 150,000\), respectively, for the year ended December 31, 20X4.

\section*{Required}

Determine the amount of total revenue, total expense, and net income to be reported in the consolidated income statement for \(20 \mathrm{X} 4\) under the following consolidation alternatives:

a. Entity theory.

b. Parent company theory.

c. Proprietary theory.

d. Current accounting practice.