Solved: Bale co acquired silo inc on october 1 20x1 in a business, Accounting Basics

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Bale co acquired silo inc on october 1 20x1 in a business

Question - 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: Bale co acquired silo inc on october 1 20x1 in a business

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