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On July 1,2024, Lotus, Inc., acquires 60 percent of Ruby Company for $360,000. The remaining...

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Accounting

On July 1,2024, Lotus, Inc., acquires 60 percent of Ruby Company for $360,000. The remaining 40 percent of Ruby's outstanding
shares continue to trade at a collective value of $240,000. On that date, patent owned by Ruby with 10-year remaining life is
undervalued by $80,000. Ruby has book value of net assets at $480,000 on January 1,2024. The affiliates report the following
2024 amounts from their own separate operations:
Assume Ruby's revenues and expenses occurred uniformly throughout the year. On 2024 consolidated income statement, what is
the amount of consolidated net income allocated to the controlling interest?
$392,600
$393,600
$391,600
$390,600
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