Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partial operating results and inventory balances: Phone Corporation $660,000 140,000 Smart Company $510,000 Total sales Sales to Smart Company Sales to Phone Corporation Net income Operating income (excluding investment income from Smart) Inventory on hand, December 31, 20x8, purchased from: Smart Company Phone Corporation 240,000 20,000 70,000 48,000 42,000 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 20x8? Amount of sales $ 790,000 b. What amount of cost of goods sold will be reported in the 20x8 consolidated income statement? (Do not round intermediate calculations and round your final answer to nearest whole dollar amount.) Amount of cost of goods sold c. What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated income statement? Consolidated net income Income to controlling interest