On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star,

On January 1, 2016, Pride Corporation purchased 90 percent of
the outstanding voting shares of Star, Inc. for $465,000 cash. The
acquisition-date fair value of the noncontrolling interest was
$51,700. At January 1, 2016, Star’s net assets had a total carrying
amount of $361,900. Equipment (eight-year remaining life) was
undervalued on Star’s financial records by $55,200. Any remaining
excess fair value over book value was attributed to a customer list
developed by Star (four-year remaining life), but not recorded on
its books. Star recorded net income of $48,300 in 2016 and $55,200
in 2017. Each year since the acquisition, Star has declared a
$13,800 dividend. At January 1, 2018, Pride’s retained earnings
show a $172,500 balance.
Selected account balances for the two companies from their
separate operations were as follows:


2018 Revenues


2018 Expenses



What is consolidated net income for 2018?
Multiple Choice





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