Pablo Corporation Acquired 60% of Abagia Corporation on January 1

Multiple Choice

Pablo Corporation acquired 60% of Abagia Corporation on January 1, 2013, at a cost of $20,000 in excess of book value. Also, on July 1, 2013, Pablo acquired 60% of Babin Corporation at book value. On January 1, 2014, Abagia acquired a 20% interest in Babin at a cost of $10,000 in excess of book value. The excess purchase costs paid by Pablo and Abagia were attributed to goodwill. On July 1, 2014, Pablo sold land with a book value of $20,000 to Abagia for $40,000. The $20,000 unrealized gain is included in Pablo's separate income. Separate net incomes for the affiliated companies (excluding investment income) for 2014 are:
Controlling interest share of consolidated net income for 2014 is

A) $304,000.
B) $324,000.
C) $344,000.
D) $364,000.