Question: On January 1 , 2 0 2 2 , Pride Corporation purchased 9 0 percent of the outstanding voting shares of Star, Incorporated, for $

On January 1,2022, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Incorporated, for $540,000 cash. The acquisition-date fair value of the noncontrolling interest was $60,000. At January 1,2022, Stars net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Stars financial records by $80,000. Any remaining excess fair value over book value was attributed to unpatented technology developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $70,000 in 2022 and $80,000 in 2023. Each year since the acquisition, Star has declared a $20,000 dividend. At January 1,2024, Prides retained earnings show a $250,000 balance.
Selected account balances for the two companies from their separate operations were as follows:
Items Pride Star
2024 Revenues $ 498,000 $ 285,000
2024 Expenses 350,000195,000
What is consolidated net income for 2024?

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