Distribon of income with inventory profits Namco Company is an 80%-owned subsidiary of. Victory Corporation . The separate income statements of the two companies for 2016 are as follows: Victor Namco Corporation Company $ 220,000 150,000 150,000) (112,500) $ 70,000 37,500 40,000 (15,000) Sales Cost of goods sold.... Other expenses 5,000 $ 35,000 22,500 Subsidiary income 14,400 $ 49,400 22,500 The following facts apply to 2016: a. Namco Company sold $90,000 of goods to Victor Corporation. The gross profits on sales b. Victor Corporation held $20,000 of the goods purchased from Namco Company in its c. Victor Corporation billed Namco Company $5,000 for computer services. The charge was to Victor and to unrelated companies are equal and have not changed from the previous years. beginning inventory and $30,000 of such goods in ending inventory expensed by Namco Company and treated as other income by Victor Corporation. Prepare the consolidated income statement for 2016, including the distribution of the con- solidated net income to the controlling and noncontrolling interests. The supporting income distribution schedules should be prepared as well