Problem

On January 1, 2014, Chamberlain Corporation pays $388,000 for a 60 percent ownership in...

On January 1, 2014, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2015, Neville reports revenues of $400,000 and expenses of $300,000 and Chamberlain reports revenues of $700,000 and expenses of $400,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation?

a. $385,000 .

b. $351,000 .

c. $366,000 .

d. $400,000 .

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