Huge Corporation owns 80% of Small Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Small's net assets were equal. The two companies report the following information for 2014 and 2015. During 2014 , one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2014,30% of the inventory was unsold. In 2015 , the remaining inventory was resold outside the consolidated entity. 1. the total sales revenue reported in the consolidated income statement for 2014: 2. By what amount must Inventory on the consolidated balance sheet be reduced to reflect the correct balance as of the end of 2014 : 3. For 2014 , consolidated net income will be: B- If the intercompany sale mentioned above was an upstream sale 4. The reported amount of total consolidated sales revenue for 2015 : 5. The total amount of consolidated cost of goods sold for 2015 will be