Following are several figures reported for Parent and Subsidiary as of December 31, 2020:

Parent Subsidiary

Sales $ 900,000 $ 900,000

Cost of goods sold 400,000 300,000

Operating expenses 200,000 300,000

(includes depreciation/amortization)

Income from subsidiary not given

Gain on sale of equipment 100,000

Inventory 300,000 400,000

Equipment 400,000 100,000

Accumulated depreciation 150,000 40,000

Parent acquired 80 percent of Subsidiary in January 2020. The acquisition resulted in additional amortization of $ 15,000.

During 2020, Subsidiary sells inventory costing $160,000 to Parent for $ 200,000. Of this amount 20 percent remains unsold. In addition, on 1/1/20, Parent sold equipment to the Subsidiary costing $ 180,000 with a book value at the date of sale of $ 80,000 for $ 180,000. At the time of sale the equipment had a remaining life of 4 years.

Required:

Compute the amounts requested for the consolidated financial statements for 2020.

1. Sales

2. Cost of goods sold

3. Operating expenses

4. Inventory

5. Equipment

6. Accumulated depreciation

7. Noncontrolling interest in subsidiary net income

8. Consolidated net income