On January 1, 2019, Sortie Incorporated paid $300,000 for 60% of Nubby Company's outstanding ordinary shares. Nubby reported ordinary shares on that date of $200,000 and retained earnings of $150,000. Equipment which had a five-year remaining life, were undervalued in Nubby's financial records by $10,000, a factory was undervalued in Nubby by of $60,000 with remaining useful life of 10 years. Any remaining fair value/book value differential is allocated to goodwill. Sortie purchased all its goods from Nubby Company at the same gross profit rate. During 2020 the Nubby sold $1,500,000 goods for Sortie which cost $1,200,000. The following are separate income statement for the year ended 31/12/2020 Sales Income from Nubby Gain one Car sold to Sortie 31/12/2020 Gain on equipment sold to Nubby 31/12/2020 Beginning inventory Sortie Nubby 2,800,000 2,100,000 ? 40,000 30,000 300,000 500,000 purchased ending inventory cost of goods sold gross profit expenses operating expenses depreciation expenses 1,500,000 1,000,000 -500,000 -80,000 1,300,000 1,420,000 1,540,000 710,000 920,000 580,000 350,000 120,000 10,000 income before tax Required 1) Calculate the non-controlling and controlling interest share in 31/12/2020. 2) Prepare consolidation income statement for the year ended 31/12/2020.