_____ Paxco owns 80% of the outstanding common stock of Saxco. These holdings were acquired in a single block purchase in 2002. On, 4/1/06 Paxco sold 25% of its holdings in Saxco for $84,000. At 12/31/03, the carrying value of Paxco's investment in Saxco was $320,000. During the first quarter of 2006, Saxco reported net income of $80,000 and declared dividends of $30,000. Paxco uses the equity method. Saxco reported net income of $300,000 for the last three quarters of 2006. Which of the following amounts would be reported in the 2006 consolidated income statement?

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The Answer of _____ Paxco owns 80% of the outstanding common stock of Saxco. These holdings were acquired in a single block purchase in 2002. On, 4/1/06 Paxco sold 25% of its holdings in Saxco for $84,000. At 12/31/03, the carrying value of Paxco's investment in Saxco was $320,000. During the first quarter of 2006, Saxco reported net income of $80,000 and declared dividends of $30,000. Paxco uses the equity method. Saxco reported net income of $300,000 for the last three quarters of 2006. Which of the following amounts would be reported in the 2006 consolidated income statement?

_____ Paxco Owns 80% of the Outstanding Common Stock of Saxco