Determining the consolidated net income, Accounting Basics

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Determining the consolidated net income

Bale Co. acquired Silo Inc. on October 1, 20X1, in a business combination transaction. Bale's net income for the year was $1,400,000, while Silo had net income of $400,000 earned evenly during the year. There was no goodwill and there were no other allocations.

Required:

What is consolidated net income for 20X1?

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Accounting Basics: Determining the consolidated net income

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Accounting Basics: Determining the consolidated net income

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