Question: assignment due soon please need the solution ASAP. Lee Inc. owned all of Martin Corp. For 2021, Lee reported net income (without consideration of its

assignment due soon please need the solution ASAP.

Lee Inc. owned all of Martin Corp. For 2021, Lee reported net income (without consideration of its investment in Martin) of $350,000 while the subsidiary reported $127,000. There are no excess amortizations associated with this consolidation. The subsidiary had bonds payable outstanding on January 1, 2021, with a book value of $303,000. The parent acquired the bonds on that date for $285,000. During 2021, Lee reported interest income of $32,000 while Martin reported interest expense of $29,000. What is consolidated net income for 2021? O a. 492,000 O b. 462.000 OC 498,000 O d. 477,000 e 456,000

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