Required information Use the following information to answer questions 7 and 8 On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $429,000 cash. The acquisition-date fair value of the noncontrolling interest was $47,700. At January 1, 2016, Star's net assets had a total carrying amount of $333,900. Equipment (eight-year remaining life) was undervalued on Star's financial records by $54.400. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $47600 in 2016 and $54,400 in 2017 Each year since the acquisition, Star has declared a $13,600 dividend. At January 1. 2018, Pride's retained earnings show a $170,000 balance Selected account balances for the two companies from their separate operations were as follows: Pride Star $ 338,70e $ 193,900 2018 Re 2018 Expenses 238,200 132,700 Problem 4-7 (LO 4-4) What is consolidated net income for 2018?

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