A Parent Corp Sub Corp Cash $ 36,000 $ 85,000 A/R 48,000 110,000 Inventory 140,000 50,000 Patent 0 10,000 PP&E 1,630,000 320,000 A/D (450,000) (50,000) Investment in sub 412,500 0 Total Assets $1,816,500 $525,000 A/P $35,000 $ 55,000 Bonds Payable 190,500 65,000 Common Stock 225,000 110,000 Retained Earnings 1,366,000 295,000 Total Liabilities & Equity $1,816,500 $525,000 The Parent acquired 75% of the sub on Jan 1, paying $412,500. The above balance sheets are for the parent and sub at the date of acquisition. At the time of acquisition, any differential was attributed 60% to PP&E with a 10 year remaining life, and the remainder to goodwill. During the first year after the acquisition, the Sub reported Net Income of $50,000 and paid dividends of $6,000. The parent had operating income of $205,000 (which did not include the income from the sub). What is the consolidated net income for the first year? What is the value of the NCI at the end of the first year? What income from sub will be reported on the parents income statement the first year?