Required information Watkins, Inc. acquires all of the outstanding stock of Glen Corporation on January 1, 2017. At that date, Glen owns only three assets and has no liabilities: Book Value 40,000 50,000 Fair Value Land Equipment (10-year life) Building (20-year life) 80,000 200,000 75,000 300,000 If Watkins pays $450,000 in cash for Glen, and Glen earns $50,000 in net income and pays $20,000 in dividends during 2017, what amount representing Glen would be reflected in consolidated net income for the year ended December 31, 2017