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Preparing a consolidated income statement-Equity method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased an 80% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $360,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $216,000 and to an unrecorded patent valued at $144,000. The building asset is being depreciated over a 16-year period and the patent is being amortized over an 8-year period, both on the straight-line basis with no salvage value. During the current year, the parent and subsidiary reported a total of $540,000 of intercompany sales. At the beginning of the current year, there were $37,800 of upstream intercompany profits in the parent's inventory. At the end of the current year, there were $58,500 of downstream intercompany profits in the subsidiary's inventory. During the current year, the subsidiary declared and paid $81,000 of dividends. The parent company uses the equity method of pre-consolidation investment bookkeeping. Each company reports the following income statement for the current year: Subsidiary Parent Income statement: Sales Cost of goods sold Gross profit Income (loss) from subsidiary Operating expenses Net income $8,280,000 $1,170,000 (5,400,000) (540,000) 2,880,000 630,000 133,740 (2,160,000) (396,000) $853,740 $234,000 $ a. Compute the Income (loss) from subsidiary of $133,740 reported by the parent company in its preconsolidation income statement. Do not use negative signs with your answers below. Subsidiary's net income 234,000 AAP 31,500 Upstream sales 37,800 Adjusted subsidiary income 240,300 P% of interest 8096 $ 192,240 Downstream sales Income (loss) from subsidiary $ 58,500 133,740 $ b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below. Consolidated Income Statement Sales 9,450,000 x Cost of goods sold 5,940,000 x Gross profit 3,510,000 x Operating expenses 10 x Net income 901,800 Net income attributable to noncontrolling interests 48,060 Net income attributable to the parent 853,740 > > > $