On January 1, X1, Parkway Corporation purchased all of the outstanding common stock of Shaw Company for $230,000 cash. On that date, the two companies reported the following information prior to the acquisition: An appraisal of Shaw's assets indicated that equipment was under-valued by $20,000. The equipment has a 5 -year life. During year X1, Shaw reported a $100,000 income in year X1 and paid $20,000 of dividends. Parkway reported a $250,000 income from its own operations and paid $30,000 in dividends. What is consolidated income in year X1 ? Multiple Choice $330,000 $350,000