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QUESTION 5 Pearl Co. acquired 60% of the common stock of Stroll Corp. on September 1, 20X6. The annual amount of amortization expense related to
QUESTION 5 Pearl Co. acquired 60% of the common stock of Stroll Corp. on September 1, 20X6. The annual amount of amortization expense related to this acquisition is $15,000 per year Stroll reported sales revenue of $810,000 and expenses of $630,000 for the year ended 12/31/20X6. The revenues and expenses were incurred evenly throughout the year. Pearl reported sales revenue of $600,000 and expenses of $205,000 (not including any income from the investment in Stroll) for the year ended 12/31/20X6. 1. What will the consolidated income statement report as sales revenue? 2. What will the consolidated income statement report as expenses? 3. What will be reported as net income attributable to Pearl on the consolidated income statement
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