Multiple Choice
Fisher Company acquired 80% of the outstanding shares of Gibbs Company for $152 in cash.The net income was $100 and $20 for Fisher Company and Gibbs Company, respectively.None of the income resulted from intercompany sales.The net income on the consolidated income statement is_____.
A) $80
B) $96
C) $100
D) $116
Correct Answer:
Verified
Correct Answer:
Verified
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