1) Pittle Corporation acquired an 80% interest in Seel Corporation at a cost equal to 80% of the book value of Seel's net assets several years ago. At the time of purchase, the fair value and book value of Seel's assets and liabilities were equal. Pittle purchases its entire inventory from Seel at 150% of Seel's cost. During 2014, Seel sold $490,000 of merchandise to Pittle. Pittle's beginning and ending inventories for 2014 were $72,000 and $66,000, respectively. Income statement information for both companies for 2014 is as follows: Seel $440,000 Sales Revenue Investment income from Sitt Cost of Goods Sold Expenses Net Income Pittle $ 820,000 145,600 (460,000) (120,000) $ 385,600 (165,000) (95,000) $ 180,000 Required: Prepare a consolidated income statement for Pittle Corporation and Subsidiary for 2014