Cash AIR Inventory Patent PP&E A/D Investment in sub Total Assets A Parent Corp $ 36,000 48,000 140,000 0 1,630,000 (450,000) 412,500 $1,816,500 Sub Corp $ 85,000 110,000 50,000 10,000 320,000 (50,000) 0 $525,000 A/P Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity $35,000 190,500 225,000 1,366,000 $ 55,000 65,000 110,000 295,000 $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). 1. What is the consolidated net income for the first year? 2. What is the value of the NCI at the end of the first year? 3. What income from sub will be reported on the parent's income statement the first year