On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the net...

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On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the net assets of Comet had a book value of $320,000, and book values were equal to fair values with the following exceptions: FIFO Inventory: Land: Equipment (5 year life): Patent (5 year life): C. $280,000 d. $300,000 During 2019, Everlasting had income from its own operations of $220,000 and Comet had net income of $80,000. What is 2019 consolidated net income? a. $250,000 b. $255,000 Undervalued, $30,000 Undervalued, $10,000 Undervalued, $75,000 Undervalued, $25,000 On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the net assets of Comet had a book value of $320,000, and book values were equal to fair values with the following exceptions: FIFO Inventory: Land: Equipment (5 year life): Patent (5 year life): C. $280,000 d. $300,000 During 2019, Everlasting had income from its own operations of $220,000 and Comet had net income of $80,000. What is 2019 consolidated net income? a. $250,000 b. $255,000 Undervalued, $30,000 Undervalued, $10,000 Undervalued, $75,000 Undervalued, $25,000

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