Advance financial Consolidated net income on December 31, 2020 is

Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2020. The stockholder's equity section at that date is as follows: Stockholder's Equity Section Point Slash Common Stock 600,000 $200,000 Additional Paid in Capital 1,000,000 400,000 Retained Earnings B00,000 600,000 100,000 50,000 Accumulated Other comprehensive Income Total Stockholders' Equity $2,500,000 $1,250,000 Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for Buildings which had a fair value of $50,000 more than its book value and a remaining useful life of 10 years. Land which had a fair value of $40.000 more than its book value Merchandise Inventory which had a fair value of 20,000 more than its book value and was sold during 2020 Internally created patent with a fair value of 30,000 and a useful life of 5 years Any remaining differential was related to goodwill Goodwill is deemed to be impaired and worth only $12,000. Slash has accounts payable to point in the amount of $25.000 During 2020, Point & Slash had the following Point Slash $120,000 $ 60,000 200 000 100,000 1. Declared cash dividends 2. Earned net income 3. Earned other comprehensive income from available for sale securities 40,000 20.000 Use this information to calculate the followings: w Point Company acquired 80 percent of the stock of Slash Corp. on January 1, 2020. The stockholder's equity section at that date is as follows: Stockholder's Equity Section Point Slash Common Stock 600,000 $200,000 Additional Paid in Capital 1,000,000 400,000 Retained Earnings B00,000 600,000 100,000 50,000 Accumulated Other comprehensive Income Total Stockholders' Equity $2,500,000 $1,250,000 Point financed the acquisition by using $1,000,000 cash and giving a note payable for $125,000. Book value approximated fair value for all of Slash's assets and liabilities except for Buildings which had a fair value of $50,000 more than its book value and a remaining useful life of 10 years. Land which had a fair value of $40.000 more than its book value Merchandise Inventory which had a fair value of 20,000 more than its book value and was sold during 2020 Internally created patent with a fair value of 30,000 and a useful life of 5 years Any remaining differential was related to goodwill Goodwill is deemed to be impaired and worth only $12,000. Slash has accounts payable to point in the amount of $25.000 During 2020, Point & Slash had the following Point Slash $120,000 $ 60,000 200 000 100,000 1. Declared cash dividends 2. Earned net income 3. Earned other comprehensive income from available for sale securities 40,000 20.000 Use this information to calculate the followings: w