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Phantom Corporation acquired an 80% interest in Speed Corporation at a cost equal to 80% of the book value of Speed's net assets several years ago. At the time of purchase, the fair value and book value of Speed's assets and liabilities were equal. Phantom purchases its entire inventory from Speed at 150% of Speed's cost. During 2020, Speed sold $1,470,000 of merchandise to Phantom. Phantom's beginning and ending inventories for 2020 were $216,000 and $198,000, respectively. Income statement information for both companies for 2020 is as follows: Phantom Speed Sales Revenue $ 2,460,000 $1,320,000 Income from Speed 436,800 Cost of Goods Sold (1,380,000) (495,000) Expenses (360,000) (285,000) Net Income $ 1,156,800 S 540,000 Required: Prepare a consolidated income statement for Phantom Corporation and Subsidiary for 2020. Determine which consolidated income statement items would (or would not) change if Phantom were the seller and Speed, was the buyer. Explain why