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NewLook Company Owns All of the Stock of Harlow Corporation

question 36

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NewLook Company owns all of the stock of Harlow Corporation and 80% of the stock of Tamblyn Corporation. NewLook earned net income of $500,000; Harlow earned $130,000; and Tamblyn earned $115,000. NewLook's consolidated income statement would report net income of:

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Definitions:

Rock

A naturally occurring solid aggregate of minerals or mineraloids.

Tectonics

The branch of geology concerned with the structure and movement of the Earth's crust and large-scale processes affecting its layout.

Joints

Natural fractures or separations in rock that occur without significant displacement of the sides.

Weathering

The breakdown of rocks, soils, and minerals as well as artificial materials through contact with the Earth's atmosphere, waters, and biological organisms.

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