Pant IncOwns 80% of Sockswear Co

question 45

Multiple Choice

Pant Inc.owns 80% of Sockswear Co.During 2014, they reported revenues and expenses as follows: Pant revenues $10 million, expenses $8.5 million; Sockswear revenue $3.0 million, expenses $2.5 million.There were no intercompany sales.What would be the amount reported as consolidated net income?

• A)$1,500,000
• B)$1,600,000
• C)$1,900,000
• D)$2,000,000

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