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West Company acquired 60 percent of Solar Company for $315,000 when Solars book value was...

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Accounting

West Company acquired 60 percent of Solar Company for $315,000 when Solars book value was $415,000. The newly comprised 40 percent noncontrolling interest had an assessed fair value of $210,000. Also at the acquisition date, Solar had a trademark (with a 10-year life) that was undervalued in the financial records by $70,000. Also, patented technology (with a 5-year life) was undervalued by $50,000. Two years later, the following figures are reported by these two companies (stockholders equity accounts have been omitted):

West Company Book Value Solar Company Book Value Solar Company Fair Value
Current assets $ 630,000 $ 310,000 $ 330,000
Trademarks 270,000 210,000 290,000
Patented technology 420,000 160,000 160,000
Liabilities (400,000 ) (130,000 ) (130,000 )
Revenues (910,000 ) (410,000 )
Expenses 490,000 310,000
Investment income Not given

What is the consolidated net income before allocation to the controlling and noncontrolling interests?

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