Required information Alpha Corporation owns 100 percent of Beta Company, and Beta owns 80 percent of Gamma, Inc., all of which are domestic corporations. There were no excess allocation values at the date of acquisition of the subsidiaries. Information for the three companies for the year ending December 31, 2018 follows: Alpha Beta Gamma Separate company net income $ 300,000 $200,000 $100,000 Gross profit from intra-entity transfers of inventory (included in operating income above). The goods have not yet been sold 12,000 4,000 to outsiders or consumed within the consolidated entity. hich of the following statements is true? Multiple Choice Alpha, Beta, and Gamma must file a consolidated income tax return. Alpha, Beta, and Gamma may file separate income tax returns or a consolidated income tax return. Alpha, Beta, and Gamma must file separate income tax returns because the ownership of Beta is less than 100% Alpha, Beta, and Gamma will probably not file a consolidated income tax return. Alpha and Beta must file a consolidated income tax return, but must exclude Gamma from the consolidated return What is Gamma's accrual-based net income for 2018? Multiple Choice $96,000. $104,000. $100,000 $80,000 $76,000 Vhat is Beta's accrual-based net income for 2018? Multiple Choice $200,000 $300,000. $280,000 $296,000 $276,800. What is Alpha's accrual-based net income for 2018? Multiple Choice $564,000. $600,000 $572,200 $580,000 $564,800 What is the net income attributable to the noncontrolling interest in Gamma for 2018? Multiple Choice $20,000. $19,200. $9,600 $0. $10,000 What is the total net income attributable to the noncontrolling interests for 2018? Multiple Choice $9,600. $20,000. $10,000 $0. $19,200