Tarrant Inc. owns (80 %) of Rockwall Corporation, and Rockwall owns (80 %) of Kaufman Company. During

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Tarrant Inc. owns $80 \%$ of Rockwall Corporation, and Rockwall owns $80 \%$ of Kaufman Company. During 2020, these companies' net incomes are as follows before any consolidations:

- Tarrant, $\$ 100,000$

- Rockwall, $\$ 68,000$

- Kaufman, $\$ 40,000$

How much net income should Tarrant report for 2020 ?

a. $\$ 100,000$

b. $\$ 164,000$

c. $\$ 180,000$

d. $\$ 204,000$

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Financial Accounting

ISBN: 9780135433065

7th Canadian Edition

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

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Question Posted: May 10, 2024 09:02 AM

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Tarrant Inc. owns (80 %) of Rockwall Corporation, and Rockwall owns (80 %) of Kaufman Company. During

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Financial Accounting

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