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The following information is for questions 1-2: On Jan 1, 20X1, Company A paid $1,000,000...

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Accounting

The following information is for questions 1-2:

On Jan 1, 20X1, Company A paid $1,000,000 to acquire 70% of Company B. They have the following information on that date (years of remaining useful life: equipment 5; trademarks: 10; Patents: 4):

Company A Company B FV of Company B
Current assets $300,000 $400,000 $400,000
Equipment 250,000 200,000 280,000
Trademarks 320,000 240,000 290,000
Patents 150,000 180,000 140,000
Liabilities 340,000 200,000 200,000
Revenues 450,000 350,000
Expenses 180,000 190,000

1. What is the amount of consolidated net income on Dec 31, 20X1?

2. What is the consolidated net income attributable to Company A?

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