On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $328,500 when K-Tech's...

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On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $328,500 when K-Tech's book value was $428,500. The fair value of the newly comprised 40 percent noncontrolling interest was assessed at $219,000. At the acquisition date. K-Tech's trademark (10-year remaining life) was undervalued in its financial records by $80,000. Also, patented technology (5-year remaining life) was undervalued by $39,000. In 2023, K-Tech reports $10,500 net income and declares no dividends. At the end of 2024, the two companies report the following figures (stockholders' equity accounts have been omitted): Items Current assets Trademarks Patented technology Liabilities Revenues Expenses Investment income French Company Carrying Amounts $ 634,000 274,000 424,000 (404,000) K-Tech Company K-Tech Company Carrying Amounts $ 314,000 214,000 Fair Values $ 334,000 294,000 164,000 (134,000) 203,000 (134,000) (914,000) 486,000 (414,000) 314,000 Not given Note: Parentheses indicate a credit balance. Required: a.Compute the 2024 consolidated net income before allocation to the controlling and noncontrolling interests. b. In 2024, assuming K-Tech has declared no dividends, compute the noncontrolling interest's share of the subsidiary's income and the ending balance of the noncontrolling interest in the subsidiary. c. Compute the amount reported for trademarks in the 2024 consolidated balance sheet. a. Consolidated net income b(1). Noncontrolling interest's share of the subsidiary's income b(2). Noncontrolling interest at end of 2024 c. Consolidated trademarks On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $328,500 when K-Tech's book value was $428,500. The fair value of the newly comprised 40 percent noncontrolling interest was assessed at $219,000. At the acquisition date. K-Tech's trademark (10-year remaining life) was undervalued in its financial records by $80,000. Also, patented technology (5-year remaining life) was undervalued by $39,000. In 2023, K-Tech reports $10,500 net income and declares no dividends. At the end of 2024, the two companies report the following figures (stockholders' equity accounts have been omitted): Items Current assets Trademarks Patented technology Liabilities Revenues Expenses Investment income French Company Carrying Amounts $ 634,000 274,000 424,000 (404,000) K-Tech Company K-Tech Company Carrying Amounts $ 314,000 214,000 Fair Values $ 334,000 294,000 164,000 (134,000) 203,000 (134,000) (914,000) 486,000 (414,000) 314,000 Not given Note: Parentheses indicate a credit balance. Required: a.Compute the 2024 consolidated net income before allocation to the controlling and noncontrolling interests. b. In 2024, assuming K-Tech has declared no dividends, compute the noncontrolling interest's share of the subsidiary's income and the ending balance of the noncontrolling interest in the subsidiary. c. Compute the amount reported for trademarks in the 2024 consolidated balance sheet. a. Consolidated net income b(1). Noncontrolling interest's share of the subsidiary's income b(2). Noncontrolling interest at end of 2024 c. Consolidated trademarks