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 Phon Corporation 900,000 154700 CODY 2.000 254,700 30,000 TOLAT VATRU SATA company 1 tt V tre to Iporation len inaone Ohrane income (excluding investment in trom SR Tento y en hand, December 31, 20x1, purchased from Smart Company Vune op 10.000 50.40 46,410 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 arid 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 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 answers to nearest whole dollar amount.) Acost goods and What amount of consolidated net income and income to controlling interest will be reported in the 20x8 consolidated income statement? . 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 answers to nearest whole dollar amount:) Antoont of goods sold c What amount of consolidated net income and income to controlling interest will be reported in the 20x8 consolidated income statemente Consolidated net income Income to controlling interest d What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8? Imery 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 Phon Corporation 900,000 154700 CODY 2.000 254,700 30,000 TOLAT VATRU SATA company 1 tt V tre to Iporation len inaone Ohrane income (excluding investment in trom SR Tento y en hand, December 31, 20x1, purchased from Smart Company Vune op 10.000 50.40 46,410 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 arid 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 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 answers to nearest whole dollar amount.) Acost goods and What amount of consolidated net income and income to controlling interest will be reported in the 20x8 consolidated income statement? . 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 answers to nearest whole dollar amount:) Antoont of goods sold c What amount of consolidated net income and income to controlling interest will be reported in the 20x8 consolidated income statemente Consolidated net income Income to controlling interest d What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8? Imery