Elimination of intercompany profits for variable interest entities $($VIEs$)$ and voting interest entities Assume that on January $1,2019,$ a Reporting Company acquires a $35$ percent interest in a Legal Entity for $\backslash (\backslash$$ $392,000\backslash )$ cash. The fair value of the $65$ percent interest not acquired by the Reporting Company is $\backslash (\backslash$$ $728,000\backslash ).$ The fair value and book value of the identifiable net assets of the Legal entity equals $\backslash (\backslash$$ $1,120,000\backslash ).$ The Reporting Company has a right to $35$ percent of the reported income $($loss$)$ of the Legal Entity. The Legal Entity is determined to be a VIE, and the Reporting Company is determined to be primary beneficiary. For the year ended December $31,2019,$ the Reporting Company and the VIE reported the following pre$-$consolidation income statements assuming that the Reporting Company applies the equity method: Assume that the Legal Entity's income statement for the year ended December $31,2019$ includes sales to the Reporting Company. and $\backslash (\backslash$$ $168,000\backslash )$ of these sales are still in Reporting Company's ending inventory. On intercompany sales, the Legal Entity earns a gross profit equal to $40$ percent of sales price. Assume that all of these intercompany items are in the ending inventory of the Reporting Company on December $31,2019.$ a$.$ Show how the Equity mechod income $($loss$)$ from VIE is computed. Note: Use a negative sign with answer only to indicate equity method loss from VIE. b$.$ Compute the amount of consolidated net income $\backslash (\backslash$$ $\backslash )$ c$.$ Compute the amount of consolidated net income attributable to the noncontrolling interest $\backslash (\backslash$$ $\backslash )$ d$.$ Compute the amount of consolidated net income attributable to the controling interest $\backslash (\backslash$$ $\backslash )$ e$.$ How would your answers to items $($b$)$ through $($d$)$ change if the Legal Entity is a "voting interest entity?"