Item Required information On January 1, 20X4, Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at underlying book value. Plimsol accounts for its investment in Shipping at cost. Shipping's retained earnings was $75,000 on the date of acquisition. On December 31, 20X4, the trial balance data for the two companies are as follows: Plimsol Co. Shipping Corp. Debit Credit Debit Credit Current Assets $100,000 $ 75,000 Depreciable Assets (net) 200,000 150,000 Investment in Shipping Corp. 125,000 Other Expenses 60,000 45,000 Depreciation Expense 20,000 15,000 Dividends Declared 25,000 15,000 Current Liabilities $ 40,000 $ 25,000 Long-Term Debt 75, eee 50,000 Common Stock 100,000 50,000 Retained Earnings 150,000 75,000 Sales 150,000 100,eee Dividend Income, Shipping Corp. 15,000 $530,000 $530,000 $300,000 $300,000 0 Based on the information provided, what amount of net income will be reported in the consolidated financial statements prepared on December 31, 20X4? Required information Multiple Choice $100,000 $85,000 $110.000 $125,000