Jans Inc. acquired all of the outstanding common stock of Tysk Corp. on January 1, 2016, for $372,000. Equipment with a ten-year life was undervalued on Tysk's financial records by $46,000. Tysk also owned an unrecorded customer list with an assessed fair value of $67,000 and an estimated remaining life of five years.Tysk earned reported net income of $180,000 in 2016 and $216,000 in 2017. Dividends of $70,000 were paid in each of these two years. Selected account balances as of December 31, 2018, for the two companies follow. JansTyskRevenues$1,080,000 $840,000 Expenses 480,000 600,000 Investment income Not given 0 Retained earnings, 1/1/18 840,000 600,000 Dividends paid 132,000 70,000 ?If the partial equity method had been applied, what was 2018 consolidated
net income?
A. $768,400.
B. $840,000.
C. $822,000.
D. $600,000.
E. $240,000.
Answer: C
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Indicate whether the statement is true or false