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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 a. Starting with the parent's currentyear preconsolidation net income of $2,570,000, compute the amount of currentyear net income attributable to the parent that will be reported in the consolidated financial statements. Do not use negative signs with your answers below. Reconciliation of Cost to Equity Method Parent's preconsolidation net income $ 2.620.000 Dividend Income 20,000 P% x Net income of subsidiary 196.000 P% x AAP amortization 26,600 P% of Upstream profit 49,000 Downstream prot 50,000 Net income attributable to controllinginterest $ 2,668,400 b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below. Consolidated Income Statement Sales 15 12,900,000 Cost ofgoods sold 123 Gross prot 123 Operating expenses 2,908,000 Net income 123 Net income attributable to noncontrolling interests 93,600 Net income attributable to the parent $ 2,268,400 You have correctly selected 13. Partially correct Marks for this submission: 7.65.0 0.00