#2

Plzza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1,204, for $351,000, when the falr value of its net identifiable assets was $470,000 and the fair value of the noncontrolling interest was $119,000. Slice reported common stock outstanding of $120,000 and retalned earnings of $220,000. The excess of falr value over book value of Slice's net assets was attributed to amortizable assets with a remaining life of 10 years. On December 31,204, Slice sold a bullding to Pizza and recorded a gain of $27,000. Income assigned to the noncontrolling shareholders in the 204 consolidated income statement was $17,700. Required: a. Compute the amount of net income Slice reported for 204. b. Compute the amount reported as consolidated net income if PIzza reported operating income of $235,000 for 204. c. Compute the amount of income assigned to the controlling interest in the 204 consolidated income statement