Delta Corporation owns 90 percent of Sigma Company, and Sigma owns 90 percent of Pi, Inc., all of which are domestic corporations. There are no excess amortizations associated with any of the acquisitions. Information for the three companies for the year ending December 31, 2018 follows: DeltaSigmaPiSeparate company net income$600,000 $400,000 $200,000 Intra-entity gross profits on transfers of inventory which remain with the buyer at the reporting date and are included in operating income above 24,000 0 8,000 ?What is Pi's accrual-based net income for 2018?
A. $208,000.
B. $192,000.
C. $200,000.
D. $16,000.
E. $152,000.
Answer: B
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