Bold Corporation acquired 75 percent of Toll Corporations voting common stock on January 1, 20X4, for $346,000, when the fair value of its net identifiable assets was $466,000 and the fair value of the noncontrolling interest was $120,000. Toll reported common stock outstanding of $130,000 and retained earnings of $230,000. The excess of fair value over book value of Tolls 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 $23,000. Income assigned to the noncontrolling shareholders in the 20X4 consolidated income statement was $17,800.

Required:

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 $231,000 for 20X4.

COnsolidated net income;

c.	Compute the amount of income assigned to the controlling interest in the 20X4 consolidated income statement. Income assigned to controlling interest: