The fair value of the net identifiable assets was equal to book value except for PPE with book value of 150,000 and fair value of 300,000. The PPE had a remaining useful life of 5 years. What amount will be reported for consolidated net income? Parent acquired 80% interest in sub on January 1, 2015. Summarized pre-consolidation income statement: Parent Sub Revenues Equity income Expenses Net income 1,296,000 45,120 172,800 864,000 86,400 477,120 86,400