Parent Corporation owns 70 percent of Sister Corporation’s common stock and 25 percent of Brother Corporation’s common stock. In addition, Sister owns 40 percent of Brother’s stock. In 20X6, Parent, Sister, and Brother reported operating income of $90,000, $60,000, and $40,000 and paid dividends of $45,000, $30,000, and $10,000, respectively.

Required

a. What amount of consolidated net income will Parent report for 20X6?

b. What amount of income will be assigned to the noncontrolling interest in the 20X6 consolidated income statement?

c. What amount of income will be assigned to the controlling interest in the 20X6 income statement?

d. What amount will be reported as dividends declared in Parent’s 20X6 consolidated retained earnings statement?