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Pizza Corporation acquired 7 5 percent of Slice Corporation s voting common stock on January 1 , 2 0 X 4 , for $ 3

Pizza Corporation acquired 75 percent of Slice Corporations voting common stock on January 1,20X4, for $354,000, when the fair value of its net identifiable assets was $464,000 and the fair value of the noncontrolling interest was $110,000. Slice reported common stock outstanding of $100,000 and retained earnings of $210,000. The excess of fair value over book value of Slices net assets was attributed to amortizable assets with a remaining life of 10 years. On December 31,20X4, Slice sold a building to Pizza and recorded a gain of $23,000. Income assigned to the noncontrolling shareholders in the 20X4 consolidated income statement was $17,500. A) Compute the amount of net income Slice reported for 20X4. B) Compute the amount reported as consolidated net income if Pizza reported operating income of $242,000 for 20X4. C) Compute the amount of income assigned to the controlling interest in the 20X4 consolidated income statement

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