Patriots Co. purchases 70 percent (for underlying BV) of Seahawk Company on January 1, 20X1,...
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Patriots Co. purchases 70 percent (for underlying BV) of Seahawk Company on January 1, 20X1, when Patriots retained earnings balance is $525,000 and Seahawks' is $300,000. During 20X1, Seahawk reports $120,000 of net income and declares $5,000 of dividends. Patriots reports $375,000 of operating income and included its share of equity-method income from its 70 percent interest in Seahawk in its net income; Patriots declares dividends of $90,000. What is total Consolidated Income for 20X1?
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