Ambrose Corporation owns 80 percent of Kroop Company's common stock, acquired at underlying book value on January 1, 20X4. At the acquisition date, the book values and fair values of Kroop's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Kroop. The income statements for Ambrose and Kroop for 20X4 include the following amounts:

Ambrose

CorporationKroop

CompanySales$546,000$156,000Dividend Income8,800Total Income$554,800$156,000Less: Cost of Goods Sold$371,000$67,000Depreciation Expense28,00016,000Other Expenses55,00019,000Total Expenses$454,000$102,000Net Income$100,800$54,000

Ambrose uses the cost method in accounting for its ownership of Kroop. Kroop paid dividends of $11,000 in 20X4.

Required:a.What amount would Ambrose report in its income statement as income from its investment in Kroop if Ambrose used equity-method accounting?

b.What amount of income should be assigned to noncontrolling interest in the consolidated income statement for 20X4?

c.What amount should Ambrose report as consolidated net income for 20X4?