Phone Corporation owns $80$ percent of Smart Company's stock. At the end of $20$X$8,$ Phone and Smart reported the following partial operating results and inventory balances: Phone Corporation Smart Company Total sales $ $686,000$ $ $525,000$ Sales to Smart Company $148,400$ Sales to Phone Corporation $248,400$ Net income $26,000$ Operating income $($excluding investment income from Smart$)76,000$ Inventory on hand, December $31,20$X$8,$ purchased from: Smart Company $49,680$ Phone Corporation $44,520$ Phone regularly prices its products at cost plus a $40$ percent markup for profit. Smart prices its sales at cost plus a $20$ percent markup. The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. Required: a$.$ What amount of sales will be reported in the consolidated income statement for $20$X$8?$ b$.$ What amount of cost of goods sold will be reported in the $20$X$8$ consolidated income statement? $($Do not round intermediate calculations and round your final answers to nearest whole dollar amount.$)$ c$.$ What amount of consolidated net income and income to controlling interest will be reported in the $20$X$8$ consolidated income statement? d$.$ What balance will be reported for inventory in the consolidated balance sheet for December $31,20$X$8?$