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Bold Corporation acquired 75 percent of Toll Corporation's voting common stock on January 1, 20X4, for $348,000, when the fair value of its net identifiable

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Bold Corporation acquired 75 percent of Toll Corporation's voting common stock on January 1, 20X4, for $348,000, when the fair value of its net identifiable assets was $460,000 and the fair value of the noncontrolling interest was $112,000. Toll reported common stock outstanding of $150,000 and retained earnings of $220,000. The excess of fair value over book value of Toll's net assets was attributed to amortizable assets with a remaining life of 10 years. On December 31, 20X4, Toll sold a building to Bold and recorded a gain of $25,000. Income assigned to the noncontrolling shareholders in the 20X4 consolidated income statement was $17,100. a. Compute the amount of net income Toll reported for 20X4 Reported income of Toll b. Compute the amount reported as consolidated net income if Bold reported operating income of $236,000 for 20X4. Consolidated net income c. Compute the amount of income assigned to the conting intrest in the 20X4 consolidated income statement. Income assigned to controlling interest

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