1- The following information relates to Panorama Corporation and its 70 percent-owned subsidiary, Scan, for the year 2022 is as follows (in thousands): 2022-2023(1) 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 at book value on January 1, 2021, when the fair value of Scan' assets and liabilities were equal to recorded book values. There were no intercompany transactions during 2021 and 2022. b. 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. (15 Marks)