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Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20X4, for $352,000, when the fair value of its net identifiable

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Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20X4, for $352,000, when the fair value of its net identifiable assets was $466,000 and the fair value of the noncontrolling Interest was $114,000. Slice reported common stock outstanding of $130,000 and retained earnings of $200,000. The excess of fair value over book value of Slice's 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 $25,000. Income assigned to the noncontrolling shareholders in the 20x4 consolidated income statement was $17.500 Required: a. Compute the amount of net income Slice reported for 20x4. Reported income of Slice . b. Compute the amount reported as consolidated net income if Pizza reported operating income of $247,000 for 20x4. Consolidated net income c. Compute the amount of income assigned to the controlling interest in the 20x4 consolidated Income statement. Incomensaligned to controlling interest

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