1- The following information relates to Panorama Corporation and its 70 percent-owned subsidiary, Scan, for the year 2022 is as follows (in thousands): Required: a. Prepare a consolidated income statement for Panorama Corporation and Subsidiary for 2022. (Working paper not required) Assuming that Panorama acquired its 70 percent interest in Scan on January 1, 2021, for $280,000. $60,000 was allocated to a reduction of overvalued equipment with a five-year remaining useful life and the remainder was allocated to goodwill. Scan's book value was $320,000. There were no intercompany transactions during 2021 and 2022