Scott Co. acquired 70% of Gregg Co. for $525,000 on December 31, 2019, when Gregg's book value was $580,000. Gregg's shares were not actively traded. At the acquisition date, Gregg had equipment (with a useful life of ten years) that was undervalued on financial records by $170,000. One year later, the two companies provided the selected amounts shown below. Additionally, no dividends have been paid.

	scott company		Gregg Company
	Book Value		Book Value		fair value
Current assets	$ 912,000		$430,000		$458,000
Equipment	371,000		290.000		450.000
Buildings	584.000		210,000		210,000
Passive	(564.000	)	(238.000	)	(238.000	)
Income	(1.320.000	)	(570.000	)
Bills	740.000		410,000
investment income	not given

What amount of consolidated net income for 2020 is attributable to Scott's controlling interest?

Answer rating: 100% (QA)

To calculate the consolidated net income attributable to Scotts controlling interest for 2020 we n... View the full answer