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Question 5 Partially correct Mark 165 out of 10.00 '7 Flag question Preparing a consolidated income statementCost method with noncontrolling interest, MP and upstream and downstream intercompany inventory profits A parent company purchased a 70% controlling interest in its subsidiary several years ago. The aggregate fair value ofthe controlling and noncontrolling interest was $300,000 in excess ofthe subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $180,000 and to an unrecorded Trademark valued at $120,000. The building asset is being depreciated over a 10-year period and the Trademark is being amortized over a 6year period, both on the straightline basis with no salvage value. During the current year, the parent and subsidiary reported a total of $400,000 of intercompany sales. At the beginning of the current year, there were $70,000 of upstream intercompany profits in the parent's inventory. At the end of the current year, there were $50,000 of downstream intercompany profits in the subsidiary's inventory. During the current year, the subsidiary declared and paid $100,000 of dividends. The parent company uses the cost method of pre consolidation investment bookkeeping. Each company reports the following income statement for the current year: IHCOI'I'IE statement: Sales $1 2.000, 000 $1 .300, 000 Cost of goods sold (7,000,000) (650,000) Gross prot 5,000,000 650,000 Income {loss} from subsidiary 70,000 - Operating expenses {2,500,000} {370,000} Net income $2.5?0,000 $280,000