A LTI Launch X Question 1 - Ch.4 Consolidations X Course Hero * *tax return 2.pdf * + X (@ https://ezto.mheducation.com/ext/map/index.html?_con=conexternal_browser=0launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWi... . . . Ch.4 Consolidations IV Homework i Saved Help Save Exit Submit Check my work G W On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $324,000 when K-Tech's book value was $424,000. The fair value of the newly comprised 40 percent noncontrolling interest was assessed at $216,000. At the acquisition date, 11.11 K-Tech's trademark (10-year remaining life) was undervalued in its financial records by $80,000. Also, patented technology (5-year y! points remaining life) was undervalued by $36,000. Skipped In 2023, K-Tech reports $22,000 net income and declares no dividends. At the end of 2024, the two companies report the following figures (stockholders' equity accounts have been omitted): eBook in Items French Company K- Tech Company K- Tech Company Carrying Amounts Carrying Amounts Fair Values Hint Current assets $ 636,000 $ 316, 000 $ 336, 000 Trademarks 276, 000 216, 000 296, 000 Print Patented technology 426, 000 166, 006 202, 000 References Liabilities 000 '90t (136, 000) (136, 000) Revenues 916 , 000 (416, 000 Expenses 484, 000 316, 000 Investment income Not given Xpa Note: Parentheses indicate a credit balance. W Required: a. Compute the 2024 consolidated net income before allocation to the controlling and noncontrolling interests. GW b. In 2024, assuming K-Tech has declared no dividends, compute the noncontrolling interest's share of the subsidiary's income and the ending balance of the noncontrolling interest in the subsidiary. c. Compute the amount reported for trademarks in the 2024 consolidated balance sheet. a. Consolidated net income + b(1). Noncontrolling interest's share of the subsidiary's income Mc Graw Hill Temps to rise 7:48 PM ENG ~ () 9 Tomorrow Q Search L 10/20/2025