Question 53 (3 points) P Co. acquired 70% of the voting common stock of S Corp. on 01/01/Y1. During Y1 S had revenues of $2,500,000 and expenses of $2,000,000. The amortization of excess cost allocations totaled $60,000 in Y1. What is the effect of including S in consolidated net income for Y1? Consolidated net income increased $500,000. O Consolidated net income increased $440,000. Consolidated net income increased $290,000. Consolidated net income increased $350,000. O Consolidated net income increased $308,000