On January 1, 2021, Penny Co. acquired 100 percent of the outstanding voting shares of Moonlight Inc. for $724,000 cash. At January 1, 2021, Moonlight's net assets had a total carrying amount of $506,800. Equipment (eight-year remaining life) was undervalued on Moonlight's financial records by $106,000. Any remaining excess fair over book value was attributed to a customer list developed by Moonlight (four-year remaining life), but not recorded on its books. Penny applies the equity method to account for its investment in Moonlight. Selected account balances from the two companies' individual records were as follows: Penny $519,000 Moonlight $335,400 228,000 2021 Revenues 2021 Expenses What is consolidated net income for Penny and Moonlight for 2021? $152,000 367,000 $253,350 $243,350 O S218,350

On January 1, 2021, Penny Co, acquired 100 percent of the outstanding voting shares of Moonlight Inc. for 5724,000 cash. Aty 1, 2021, Moonlightne seda total carrying out of 5506,800. Equipment (eight year retaining life was undervalued on Moonlighe's financial records by 5106.000. Any remaining excess far over book value was attributed to customer ist developed by Moonlight (four year remaining life), but not recorded on its books Penny applies the equity method to account for its investment in Moonlight Selected account balances from the two companies individual records were as follow Penny Moonlight 2021 Revue 5519,000 $335.400 2021 Espases 367,000 228.000 What is consolidated net income for Penny and Moonlight for 2021? $152.000 5251.150 $243350 5218,350