3 2 Points Mohammed Corporation acquired an 80% interest in Ahmed Corporation on January 1, 2014, when the book values of Ahmed's assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of Ahmed's net assets. During 2014, Mohammed sold merchandise that cost $70,000 to Ahmed for $86,000. On December 31, 2014, three-fourths of the merchandise acquired from Mohammed remained in Ahmed's inventory. Separate incomes (investment income not included) of the two companies are as follows: Sales Revenue Cost of Goods Sold... Operating Expenses.. Separate incomes... Mohammed ..$180,000 Ahmed .$160,000 120,000...... 17,000 ...90,000 21,000 ..$ 43,000.. .$ 49,000 The consolidated income statement for Mohammed Corporation and subsidiary for the year ended December 31, 2014 will show consolidated cost of sales of (Show your calculation)