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Question - AI Co. owns 80% of SE Inc. During the current year, the following intercompany transactions took place:
SE paid AI $48,000 for rent of office space.
AI sold SE $100,000 of inventory with a gross margin of 20%. At year end, SE had sold all the goods to unrelated parties.
On their separate entity financial statements, AI reported net income of $875,000 and SE reported net income of $650,000.
Based on the information provided, how much would be reported as consolidated net income?
a) $1,377,000
b) $1,457,000
c) $1,505,000
d) $1,525,000
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