Tall Corporation purchased 75 percent of the voting common stock of Light Corporation on January \(1,20 \times 2\), at underlying book value. Noncontrolling interest was assigned income of \(\$ 8,000\) in Tall's consolidated income for \(20 \mathrm{X} 2\) and a balance of \(\$ 65,500\) in Tall's consolidated balance sheet at December 31, 20X2 Light Corporation reported retained earnings of \(\$ 70,000\) and additional paid-in capital of \(\$ 40,000\) on January \(1,20 \mathrm{X} 2\). Light did not pay dividends or issue stock in \(20 \mathrm{X} 2\).

\section*{Required}

a. Compute the amount of net income reported by Light Corporation for \(20 \times 2\).

b. Prepare the stockholders' equity section of Light Corporation's balance sheet at December 31, \(20 \mathrm{X} 2\).