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| On October 1, Company X acquired for cash all of the outstanding common stock of Company Y. Both companies have a December 31 year-end and have been in business for many years. Consolidated net income for the year ended December 31 should include net income of A. Company X for 3 months and Company Y for 3 months. B. Company X for 12 months; but no income from Company Y until Company Y distributes a dividend. C. Company X for 12 months and Company Y for 3 months. D. Company X for 12 months and Company Y for 12 months. |