Required information Use the following information to answer problems 3-10 to 3-12 (Algo) (LO 3-3a) On January 1, 2022, Palmcroft Company acquired 100 percent of the outstanding voting shares of Salt River, Incorporated, for $786,000 cash. At January 1, 2022, Salt River's net assets had a total carrying amount of $550,200. Equipment (eight- year remaining life) was undervalued on Salt River's financial records by $108,000. Any remaining excess fair over book value was attributed to a database developed by Salt River (four-year remaining life), but not recorded on its books. Palmcroft applies the equity method to account for its investment in Salt River. Each year since the acquisition, Salt River has declared a $44,500 dividend. Salt River recorded net income of $73,500 in 2022 and $85,600 in 2023. Selected account balances from the two companies' individual records were as follows: Items 2024 Revenues Palmcroft $629,000 Salt River $ 370,000 2024 Expenses 391,000 271,000 2024 Income from Salt River 53,550 Retained earnings, 12/31/24 354,350 195,600 Problem 3-10 (Algo) (LO 3-3a). What is consolidated net income for Palmcroft and Salt River for 2024? Multiple Choice $316,550 $238,000 < Prev 6 7 8 of 14 Next >