(Answered) Jones inc paid 2570000 to purchase 100 of the common stock

Accounting

Jones, Inc paid $2570000 to purchase 100% of the common stock of Atlanta Corp. on January 1, 2012.

Atlanta's reported earnings for 2012 totaled $196000. In addition, Atlanta Corp. paid $100000 in dividends during the year.

The amortization related to Jones' investment in Atlanta was $29000 per year. Jones' net income, not including the income from the investment, was $1290000 and it paid dividends of $250000 during the year.

On the consolidated financial statements, what amount should be shown for "Consolidated Net Income" for 2012?

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