On January 1, 2020, French Company acquired 60 percent of K-Tech Company for $330,000 when K-Tech's book value was $430,000. The fair value of the newly comprised 40 percent noncontrolling interest was assessed at $220,000. At the acquisition date, K-Tech's trademark (20-year remaining life) was undervalued in its financial records by $80,000. Also, patented technology (10-year remaining life) was undervalued by $40,000. In 2020 , K-Tech reports $20,000 net income and declares no dividends. At the end of 2021 , the two companies report the following figures (stockholders' equity accounts have been omitted): Note: Parentheses indicate a credit balance. What is the 2021 consolidated net income before allocation to the controlling and noncontrolling interests? Multiple Choice $540,000 $532,000 $535,200. $440,000