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On July 1, 2021. Miller, Inc, acquires 60 percent of Summer Company for $360,000. The remaining 40 percent of Summer of $240.000. On that date,

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On July 1, 2021. Miller, Inc, acquires 60 percent of Summer Company for $360,000. The remaining 40 percent of Summer of $240.000. On that date, patent owned by Summer with 10-year remaining life is undervalued by $100.000 Summer has be The affiliates report the following 2021 amounts from their own separate operations Miller Summer Revenues S720.000 $210,000 Expenses 460,000 80,000 Dividends (declared 175.000 30,000 quarterly) Assume Summer's revenues and expenses occurred uniformly throughout the year. On 2021 consolidated income income allocated to the controlling interest? $296,000 O $332 000 O $390,000 $278,000

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