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Question - X Inc. owns 80% of Y Inc. During 2018, X Inc. sold inventory to Y for $25,000. Sixty (60%) of this inventory remained in Y's warehouse at year end. The gross profit on this sale was $5,000 Y Inc. sold Inventory to X Inc. for $5,000. 40% of this inventory remained in X's warehouse at year end. The gross profit on this sale was $1,000. Both companies are subject to a tax rate of 40%. The gross profit percentage on sales is 20% for both companies. Unless otherwise stated, assume X Inc. uses the cost method to account for its Investment in Y Inc.
Required - Assume that Y Inc. reported an after-tax net income of $25,000 in 2018, what would be Y's adjusted net income for the year?
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