Escuela de Estudios Profesionales y Educacin Continua Programa Ahora NOMBRE: NUM. DE ESTUDIANTE: PROFESOR: Cristino Morn Serrano FECHA: 3 de mayo de 2022 CURSO: ACCO 450 - CRN 20528 PUNTUACIN: Asignacin #4 (Valor 20 Puntos) Summary income statement information for Pas Corporation and its 80 percent-owned subsidiary, Sit, for the year 2012 is as follows (in thousands): Sales Income from Sit Cost of sales Depreciation expense Net income Other expenses Pas $2,500 Sit $900 80 1,500 500 150 70 415 160 $515 $170 Instructions 1. Assume that Pas acquired its 80 percent interest in Sit at book value on January 1, 2011, when the fair value of Sits' assets and liabilities were equal to recorded book values. There were no intercompany transactions during 2011 and 2012. Prepare a consolidated income statement for Pas Corporation and Subsidiary for 2012. 2. Assume that Pas acquired its 80 percent interest in Sit on January 1, 2011, for $280,000. $60,000 was allocated to a reduction of overvalued equipment with a five- year remaining useful life and the remainder was allocated to goodwill. Sit's book value was $320,000. There were no intercompany transactions during 2011 and 2012. Prepare a consolidated income statement for Pas Corporation and Subsidiary for 2012