Problem $4-14($Algo$)($LO $4-2,4-4,4-5)$

On January $1,2023,$ French Company acquired $60$ percent of K$-$Tech Company for $$315,000$ when K$-$Tech$$s book value was $$415,000.$ The fair value of the newly comprised $40$ percent noncontrolling interest was assessed at $$210,000.$ At the acquisition date, K$-$Tech's trademark $(10-$year remaining life$)$ was undervalued in its financial records by $$80,000.$ Also, patented technology $(5-$year remaining life$)$ was undervalued by $$30,000.$

In $2023,$ K$-$Tech reports $$25,000$ net income and declares no dividends. At the end of $2024,$ the two companies report the following figures $($stockholders$$ equity accounts have been omitted$)$:

ItemsFrench Company Carrying AmountsK$-$Tech Company Carrying AmountsK$-$Tech Company Fair ValuesCurrent assets$ $630,000$$ $310,000$$ $330,000$Trademarks$270,000210,000290,000$Patented technology$420,000160,000190,000$Liabilities$(400,000)(130,000)(130,000)$Revenues$(910,000)(410,000)0$Expenses$490,000310,0000$Investment incomeNot given$00$

Note: Parentheses indicate a credit balance.

Required:

Compute the $2024$ consolidated net income before allocation to the controlling and noncontrolling interests.

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.

Compute the amount reported for trademarks in the $2024$ consolidated balance sheet. Problem $4-14($Algo$)($LO $4-2,4-4,4-5)$

On January $1,2023,$ French Company acquired $60$ percent of K$-$Tech Company for $\backslash$$$315,000$ when K$-$Tech's book value was $\backslash (\backslash$$ $415,000\backslash ).$ The fair value of the newly comprised $40$ percent noncontrolling interest was assessed at $\backslash$$$210,000.$ At the acquisition date, K$-$Tech's trademark $(10-$year remaining life$)$ was undervalued in its financial records by $\backslash$$$80,000.$ Also, patented technology $(5-$year remaining life$)$ was undervalued by $\backslash$$$30,000.$

In $2023,$ K$-$Tech reports $\backslash (\backslash$$ $25,000\backslash )$ net income and declares no dividends. At the end of $2024,$ the two companies report the following figures $($stockholders$\text{'}$ equity accounts have been omitted$)$:

Note: Parentheses indicate a credit balance.

Required:

a$.$ Compute the $2024$ consolidated net income before allocation to the controlling and noncontrolling interests.

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.

Answer is complete but not entirely correct.