2) Petra com. purchased 80% of the outstanding common stock of Mayrd in 2010 when the book values and fair values of mayrds assets and liabilities were equal. The cost of Petra's investment was equal to 80% of the book value of Mayrd's net assets. Separate company income statements for Petra and mayrd for the year ended December 31, 2018 are summarized as follows: Petra Mayrd Sales Revenue $4,400,000 $900,000 Investment income from Mayrd 240,000 Cost of Goods Sold (2,600,000) (550,000) Expenses (550,000) (200,000) Net Income During 2018, the companies agreed to sell inventory to each other as needed at a markup of 10% of cost. Petra sold merchandise that cost $90,000 to Mayrd, and Mayrd sold inventory that cost $60,000 to Petra. Half of this inerchandise remained in each company's inventory at December 31, 2018. Required: Prepare a consolidated income statement for Petra Corporation and Subsidiary for 2018