Q.34

Help 1 On January 1, 2020, Barber Corp. paid $160,000 to acquire Thompson Co. Thompson maintained separate incorporation Barber used the equity method to account for the investment. The following information is available for Thompson's assets, Babes, and stockholders' equity accounts on January 1 2020 Book Fair Value Value $130,000 $130,000 75,000 193,000 250,000 276,000 Current assets Land Building (twenty year Life) Equipment (ten year life) Current liabilities Long-term liabilities Common stock Additional paid in capital Retained earnings 540,000 26,000 124,000 233,000 518,000 26,000 124,000 389,000 223,000 Thompson earned net income for 2020 of $134,000 and paid dividends of $51,000 during the year. Barber Corp. had net income of $468,000 in 2020, exclusive of the investment, what is the amount of consolidated net income? Multiple Choice $602.900 4 Barber Corp. had net income of $468,000 in 2020, exclusive of the investment, what is the amount of consolidated net income? Multiple Choice $602.900 $691.000 $519,000 5602.000 $468,000