Howard, Inc. paid $400,000 to acquire all of the common stock of Fisherman Corp. on January 1, 2020. Fishermans reported earnings for 2020 totaled $99,000, and it paid $33,000 in dividends during the year. The amortization of allocations related to undervalued assets was $9,000. Howards net income, not including the investment, was $753,000, and it paid dividends of $48,000

21. What amount would appear as Equity Income on the consolidated income statement?

a. $-0-

b. $57,000

c. $90,000

d. $99,000

22. What are consolidated dividends for 2020?

a. $81,000

b. $48,000

c. $33,000

d. $-0-