Net income and stockholders equity section

| September 28, 2018

Tall Corporation purchased 75 percent of Light Corporation’s voting common stock on January 1, 20X2, at an amount equal to the book value of the identifiable net assets. The noncontrolling interest was assigned income of $8,000 in Tall’s consolidated income statement for 20X2 and a balance of $65,500 in Tall’s consolidated balance sheet on December 31, 20X2. Light reported retained earnings of $70,000 and additional paid-in capital of $40,000 on January 1, 20X2. Light did not pay any dividends or issue additional stock in 20X2.Compute the amount of net income reported by Light for 20X2. In addition, prepare the stockholders’ equity section of Light’s balance sheet as of December 31, 20X2.

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