Renz Co Acquired 80% of the Voting Common Stock of Sogers

Multiple Choice

Renz Co. acquired 80% of the voting common stock of Sogers Corp. on January 1, 2022. During 2022, Sogers had revenues of $2,700,000 and expenses of $2,100,000. The amortization of fair value allocations totaled $65,000 in 2022. Not including its investment in Sogers, Renz Co. had its own revenues of $4,800,000 and expenses of $3,600,000 for the year 2022.What amount of consolidated net income for 2022 should be allocated to Renz's controlling interest in Sogers?

A) $1,200,000
B) $1,388,000
C) $1,440,000
D) $1,492,000
E) $1,628,000