Hey Expert! I cant figure out this question: Chapter. 11, problem 34E. Book: Introduction to Financial Accounting

Can you help me out with calucaltions, explanation?

Chapter 11, Problem 34E Bookmark Show all steps ON Problem Tomasco and Wooten Companies had the following balance sheets at December 31, 20X8 ($ in thousands) Tomasco Wooten Assets 600 Cash Net plant Total assets $100 400 $500 $2.300 Liabilities and stockholders' equity 275 425 Accounits payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ 80 195 225 $2.300 On January 1 , 20X9, Tomasco purchased 100% of the common stock of Wooten for $225,000 1. Prepare a balance sheet for Tomasco Company immediately after its purchase of Wooten Company 2. Prepare a balance sheet for the consolidated entity immediately after the purchase of Wooten Company 3. Suppose Tomasco Company had net income of $250,000 in 20X9 (before recognizing its share of Wooten's income) and Wooten Company had net income of $45,000 in 20X9. Neither company sold items to the other. What was the 20X9 consolidated net income