Purple Corporation recently attempted to expand by acquiring ownership in Green Company. The following ownership structure was reported on December 31, 20X9:

The following income from operations (excluding investment income) and dividend payments were reported by the companies during 20X9:

Required
Compute the amount reported as consolidated net income for20X9.

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Percentage of Ownership Held 70 10 60 40 Investor Purple Corporation Green Company Green Company Orange Corporation Ble Company Green Company Investee Orange Corporation Yellow Company Operating Dividends Company Purple Corpoation90,000 $60,000 Green Company Income Paid 20,000 Orange Corporation 40,000 100,000 60,000 10,000 30,000 80,000 40,000 Blue Company Yellow Company