Ch-3 Practice- Blackboard Leam Assume that an investor acquired 100% of te voing stock combination. As a result of the acquisition, the investor recognized no goodwil an financial statements (ie., all of the account for its pre common stock of an investes on January 1, 2009 in a transaction that qualiies as a business nvee. In addition, there are no inercompany transactions between the investor and investee. The statement information is for the year ending December 31, 2016 Income Statement Revenues Income from Investee Invester Investee 1,920,000 256.000 1.280,000) (128,000) 60,000 128,000 Consolidated net income NCI 760,000 $128.000 Statement of Retained Earning 601,800 $32.000 760,000 128,000 (51.200) (32,000 $1,310.400 $128,000 Retained eamings, January 1 Dividends declared Ratained eamings, December 31 Balance Sheet 232.000 so 3,830,400 320,000 $4.062,400$320,000 All other assets 2,112000 $128,000 Common stock and addisonal paid-in capital 640,000 64,000 Ratained earmings Total Sabiliies and equity 1,310,400128000 $4,062,400 $320,000 Understanding consolidated balances What amount of "expenses will appear in the consolidated income statement for the year ending December 31, 20167 #51,416,000 $1,408,000 $1.280,000 $1,424,000 Mark 1.00 out of 1.00 The correct answer is: $1.416,000 Correct Marks for this submission: 1.00/1.00 QUESTION 7 Comect Mark 1.00 out of 1.00 F Fug quesiorn Assume that an investor acquired 100% ofthe voting common stock of an investee on January 1,2009 in a transaction that quates as a bus