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Pronto owns 60% of the common stock of Snappy. On 1/1/20X1 any excess amount paid...

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Accounting

Pronto owns 60% of the common stock of Snappy. On 1/1/20X1 any excess amount paid by Pronto to purchase Snappy was attributable to goodwill.

In 20X1 Pronto sells Snappy land and records a $30,000 profit. In 20X1 Snappy sells Pronto inventory and records a $5,000 profit. Pronto still holds all of the inventory.

Pronto has separate net income of $200,000. Snappy has separate net income of $100,000

1. What is consolidated net income for 20X1?

2. What is net income attributable to Pronto?

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