Jackson Company is a wholly-owned subsidiary company which reports sales of $1,200,000 and net income...
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Accounting
Jackson Company is a wholly-owned subsidiary company which reports sales of $1,200,000 and net income of $240,000 for the calendar year in which it is acquired on April 1st. What amount of sales and net income are includable in consolidated income statement in the year of acquisition assuming that sales and net income are earned evenly over the year? Select one:
A. Sales $900,000; Net income $180,000
B. Sales $300,000; Net income $60,000
C. Sales $1,200,000; Net income $240,000
D. Answer cannot be determined based on the given information
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