Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of Sawyer's outstanding shares continue to trade at a collective value of $174,000. On the acquisition date, Sawyer has the following accounts: Current assets Land Buildings Liabilities Book Value $ 210,000 170,000 300,000 (280,000) Fair Value $ 210,000 180,000 330,000 (280,000) The buildings have a 10-year remaining life. In addition, Sawyer holds a patent worth $140,000 that has a five-year remaining life but is not recorded on its financial records. At the end of the year, the two companies report the following balances: Revenues Expenses Parker Sawyer $ (900,000) $ (600,000) 600,000 400,000 Assume that the acquisition took place on January 1. What figures would appear in consolidated income statement for this year? b. Assume that the acquisition took place on April 1. Sawyer's revenues and expenses occurred uniformly throughout the year. What amounts would appear in a consolidated income statement for this year? a. January 1 b. April 1 Combined revenues Combined expenses Consolidated net income Net income attributable to noncontrolling interest Net income attributable to Parker, Inc