On January 1, 2019RICH Companyacquired 90%of the outstanding shares of

POOR co. at book value .During 2019 and 2020,intercompany sales amounted to 2,000,000 and 4,000,000 respectively.RICH consistently recognize a 20% markup based on sales while POOR Inc. had a 25% gross profit on sales .

Theinventories in the buyer's book, which all came from intercompany transactionsshow:

Dec. 31, 2019Dec. 31,2020

RICH 240,000160,000

POOR100,00040,000

On October 1, 2020, POOR Inc. purchased a piece of land costing 1,000,000 from RICH Company for

1,500,000.On the other hand, on July 1,2020, POOR Inc.sold an equipment with a carrying value of 60,000 and remaining life of 3 years to RICH for 42,000.

Separate Statements of Comprehensive Income for the two companies for the year 2020 follow:

RICHPOOR

Sales25,000,00014,000,000

Cost of Sales15,000,0008,400,000

Gross Profit10,000,0005,600,000

Operating expenses 6,000,0003,800,000

Operating profit 4,000,0001,800,000

Loss on Sale of off Equip(18,000)

Dividends Revenue40,000

4,000,0001,822,000

REQUIRED ;

1.Compute the Consolidated Sales

2.Compute the Consolidated Cost of Sales

3.Compute the Consolidated Gross Profit

4.Compute the Consolidated Net Income, Controlling interest in net income, Non Controlling interest in net income