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
