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(TCO 3) Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. Total
(TCO 3) Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2010: Revenues $500,000 Expenses $400,000 Retained Earnings 1/1/10 $300,000 Dividends Paid $50,000 Common Stock 200,000 Without regard for this investment, Keefe earns $300,000 in net income during 2010. All net income is earned evenly throughout the year. What is the controlling interest in consolidated net income for 2010
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