7 On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $300,000 when K-Tech's book value was$400,000. The fair value of the newly comprised 40 percent noncontrolling interest was assessed at $200,000. At theacquisition date, K-Tech's trademark (10-year remaining life) was undervalued in its financial records by $60,000. Also,patented technology (5-year remaining life) was undervalued by $40,000.In 2023, K-Tech reports $30,000 net income and declares no dividends. At the end of 2024, the two companies report thefollowing figures (stockholders' equity accounts have been omitted):ItemsCurrent assetsTrademarksPatented technologyLiabilitiesRevenuesExpensesInvestment incomeFrench CompanyCarrying Amounts$ 620,000260,000410,000(390,000)(900,000)500,000Not givenK-Tech CompanyCarryingAmounts$ 300,000200,000150,000(120,000)(400,000)300,0000K-TechCompany FairValues.$ 320,000280,000190,000(120,000)0Note: Parentheses indicate a credit balance.Required:a. Compute the 2024 consolidated net income before allocation to the controlling and noncontrolling interests.b. In 2024, assuming K-Tech has declared no dividends, compute the noncontrolling interest's share of the subsidiary'sincome and the ending balance of the noncontrolling interest in the subsidiary.c. Compute the amount reported for trademarks in the 2024 consolidated balance sheet.

Revenues of French$900,000Add: Revenues of K-Tech$400,000Less: Expenses of French$500,000Less:…

Required: a. Compute the 2024 consolidated net income before allocation to the controlling and noncontrolling interests. b. In 2024, assuming K-Tech has declared no dividends, compute the noncontrolling interest's share of the subsidiary's income and the ending balance of the noncontrolling interest in the subsidiary. c. Compute the amount reported for trademarks in the 2024 consolidated balance sheet.