Phone Corporation owns 80 percent of Smart Company's stock. At the end of 208, Phone and Smart reported the fellowing partial operating results and imventory balances: 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 208