Snow Corporation issued common stock with a par value of ($ 100,000) and preferred stock with a

Question:

Snow Corporation issued common stock with a par value of $\$ 100,000$ and preferred stock with a par value of $\$ 80,000$ on January 1, 20X5, when the company was created. Klammer Corporation acquired a controlling interest in Snow Corporation on January 1, 20X6.

\section*{Required}

What does the controller of Klammer Corporation need to know about the preferred stock in order to determine consolidated net income for 20X6?

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