Correction off consolidated net incomePin Corporation paid $1,800,000 for a 90 percent int...

Correction off consolidated net income

Pin Corporation paid $1,800,000 for a 90 percent interest in San Corporation on January 1, 2011; San’s total book value was $1,800,000. The excess was allocated as follows: $60,000 to undervalued equipment with a three-year remaining useful life and $140,000 to goodwill. The income statements of Pin and San for 2011 are summarized as follows (in thousands):

REQUIRED

1. Calculate the goodwill that should appear in the consolidated balance sheet of Pin and Subsidiary at December 31, 2011.

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2. Calculate consolidated net income for 2011.