21-12-20 - Punch Co. Ltd. is an 80 percent owned subsidiary of Soopy Co. Ltd., acquired on January 1, 2014. The fair values of Punch Co. Ltd's net assets were equal to the book value on January 1, 2014. Soopy Co. Ltd.'s separate net income before recognizing income from Punch Co. Ltd. for 2014 was $350,000, while Punch Co. Ltd.'s net consolidated income statement for 2014: income for the year was $240,000 The amount of income from Punch Co. Ltd. that should appear in the Select one: a. $542,000 b. $280,000 O C $192,000 d $472,000 4