Fisher Company Acquired 80 Percent of the Outstanding Shares of Gibbs

Multiple Choice

Fisher Company acquired 80 percent of the outstanding shares of Gibbs Company for $152 in cash.(No goodwill was present at the time of acquisition.) The net income for the current year for Fisher Company is $100.The net income for the current year for Gibbs Company is $20.There were no intercompany sales.What is the net income on the consolidated income statement for the current year?

A) $80
B) $96
C) $100
D) $116