7 13 S 2013 2. (26 points) Pisa Company acquired 75 percent of Siena Company on January 1, 2013 at During 2013, Siena reported $20,000 in ending inventory in 2013 and la purchased for $40,000 to Siena for $60,000. Siena sold $45,000 of this inventory in 2 reported stand-alone income of $$50,000 and Siena reported total net income of S118,000. Required 1) Prepare the consolidation entries that related to intercompany sale of inventory for 2013 purchased inventory for $35,000 and sold it to Pisa for $50,000. Of this amount, Pisa ter sold it in 2014. In 2014, Pisa sold inventory it hacd 014. In 2014, Pisa Ho, D0O 2014 Sales Coes Inventor Investmef in NC in NA Prepare the consolidation entries that related to intercompany sale of inventory for 2014. 4500 Income fro 4500 ncome ia C 500 2) Investment inS 5e0 ees 2 CoGs 20eee Sales Inveruho Income from S Inveetment in S 3) Calculated consolidated net income AND income assigned to controlling shareholders in 204 ( 118 ,ooo (118,000-200 $. Woncontrolin24,Eco Censolidated ,ontrelting M 23, 500 Net Incone