Noway Manufacturing owns 75 percent of the stock of Positive Piston Corporation. During 20X9. Noway and Positive reported sales of \(\$ 400,000\) and \(\$ 200,000\) and expenses of \(\$ 280,000\) and \(\$ 160,000\), respectively.

\section*{Required}

Compute the amount of total revenue, total expenses, and net income to be reported in the 20X9 consolidated income statement under the following alternative approaches:

a. Proprietary theory.

b. Parent company theory.

c. Entity theory.

d. Current accounting practice.