P Corporation acquired an 80% interest in S Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $70,000 to S for $86,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in S inventory. Separate incomes (investment income not included) of the two companies are as follows: P $180,000. 120,000 Operating Expenses 17,000 Separate incomes. $ 43,000 Sales Revenue Cost of Goods Sold $ 49,000 The consolidated income statement for P Corporation and subsidiary for the year ended December 31, 2014 will show consolidated sales Revenue of Select one: O a. $260,000 b. $254,000 c. $ 340,000 d. $270,000 S $160,000 90,000 21,000 O O