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9 Required information. 4 [The following information applies to the questions displayed below.] On January 1, 2019, Pride Corporation purchased 90 percent of the

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9 Required information. 4 [The following information applies to the questions displayed below.] On January 1, 2019, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $495,000 cash. The acquisition-date fair value of the noncontrolling interest was $55,000. At January 1, 2019, Star's net assets had a total carrying amount of $384,000. Equipment (eight-year remaining life) was undervalued on Star's financial records by $48,000. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $42,000 in 2019 and $48,000 in 2020. Each year since the acquisition, Star has declared a $12,000 dividend. At January 1, 2021, Pride's retained earnings show a $150,000 balance. Selected account balances for the two companies from their separate operations were as follows: Pride 2021 Revenues $ 298,900 2021 Expenses Star $171,100 210,200 117,100 What is consolidated net income for 2021? Multiple Choice $142,700. Clec

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