IIUDICI 4 - 4 Consolidated Income Statement On January 1, 2013, Pentagon Company acquired 80% of the outstanding shares of Sexagon Company at book value. On July 1, 2015, Sexagon Company sold equipment to Pentagon Company at a gain of P60,000. This equipment is estimated to have a useful life of five years from the date of the sale. For the year 2015, Pentagon Company purchased merchandise from Sexagon Company. Data regarding intragroup sales, inventories and profit percentages are presented below. Pentagon Co. Sexagon Co. Intragroup sales P600,000 P400,000 Intragroup inventories: January 1, 2015 60,000 80,000 December 31, 2015 40,000 100,000 Gross profit percentage on intra-group sales as a percentage of selling price 60% 50% Chapter inuncial Statements: Intragroup Profits and Losses 243 Income Statements Sales Pentagon Co. Sexagon Co. Cost of Sales P3,000,000 P1,600,000 1,200,000 800,000 Gross Margin P1,800,000 P 800,000 Expenses 1,080,000 584,000 Operating Income P 720,000 P 216,000 Gain on Sale of Equipment 60,000 Dividends received from subsidiary 172,000 Non-controlling interest net income Net Income P 892,000 P 276,000 structions: Prepare a consolidated income statement