Pinata Corporation acquired an 80% interest in Smackem Inc.for $130,000 on January 1, 2011, when Smackem had Capital Stock of $125,000 and Retained Earnings of $25,000.Assume the fair value and book value of Smackem's net assets were equal on January 1, 2011.Pinata's separate income statement and a consolidated income statement for Pinata and Subsidiary as of December 31, 2011, are shown below. 
Smackem's separate income statement must have reported net income of
Definitions:
Monozygotic Twins
Twins that develop from a single fertilized egg, sharing identical genetic material.
Identical Twins
Twins that originate from a single fertilized egg, splitting and developing into two genetically identical individuals.
Allele
A member of a pair of genes.
Homozygous Trait
A genetic condition where an individual inherits identical alleles for a particular gene from both parents.
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