E3-9 Calculate consolidated net income one year after acquisition Patta and Qira Corporations' income statements...
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E3-9 Calculate consolidated net income one year after acquisition Patta and Qira Corporations' income statements for 2016 are summarized as follows (in thousands): Patta Qira Sales $7,500 $2.500 Cost of Sales (3,200) (1,000) Depreciation expense (500) (200) Other expense (1.280) (500) Net Income $2,520 $800 Patta Corporation paid $2,000,000 in cash for a 90 percent interest in Qira Corporation on December 31, 2015, and subsequently discovered undervalued equipment, with a three-year remaining useful life, of $120,000 REQUIRED: Calculate the consolidated net income of Patta Corporation and Subsidiary for 2016
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