ACT 342/D1 | Advanced Financial Accounting Quiz na Finishatter Question 5 Not yet answered Marked out of 1.00 Flag question HOURS 0 Muscat Company paid $2,400,000 to acquire all of the common stock of Gulf Company on January 1, 2012. Gulf Company's reported earnings for 2012 totaled $432,000, and it paid $120,000 in dividends during the year. The amortization of allocations related to the investment was $24,000. Muscat Company's net income, not including the investment, was $3,180,000, and it paid dividends of $900,000 On the consolidated financial statements for 2012, what amount should have been shown for Equity in Subsidiary Earnings? 1 2 7 8 13 15 Select one A. 5408,000 B. 5432,000 C5288,000 05-0 5120,000 TVN