DEF Corporation acquired 80% ownership of GHI Corporation during the year. The financial statements for both companies are as follows:

DEF Corporation:

• Total Assets: $1,000,000
• Total Liabilities: $400,000
• Net Income: $200,000

• GHI Corporation:

  • Total Assets: $800,000
  • Total Liabilities: $300,000
  • Net Income: $150,000

• Prepare the consolidated financial statements for DEF Corporation and its subsidiary GHI Corporation.