What is the consolidated Net Income?

Required information Use the following information to answer questions 7 and 8 [The following information applies to the questions displayed below.] On January 1, 2019, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $612,000 cash. The acquisition-date fair value of the noncontrolling interest was $68,000. At January 1, 2019, Star's net assets had a total carrying amount of $476,000. Equipment (eight-year remaining life) was undervalued on Star's financial records by $71,200. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $62,300 in 2019 and $71,200 in 2020. Each year since the acquisition, Star has declared a $17,800 dividend. At January 1, 2021, Pride's retained earnings show a $222,500 balance. Selected account balances for the two companies from their separate operations were as follows: 2021 Revenues 2021 Expenses Pride $ 443,300 311,800 Star $ 253,800 173,700