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Preparing a consolidated income statement-Equity method with noncontrolling interest, AAP and upstream intercompany depreciable asset profits A parent company purchased a 75% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $208,000 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 $144,000 and to an unrecorded Customer List valued at $64,000. The building asset is being depreciated over a 10-year period and the Customer List is being amortized over a 5-year period, both on the straight-line basis with no salvage value. During a previous year, the subsidiary sold to the parent company a piece of depreciable property. The unconfirmed upstream gain on this intercompany transaction was $48,000 at the beginning of the current year. The upstream gain confirmed each year is $12,000. During the current year, the subsidiary declared and paid $68,000 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: Parent Subsidiary Income statement: Sales $9,200,000 $1,920,000 Cost of goods sold (5,920,000) (1,200,000) Gross profit 3,280,000 720,000 Income (loss) from subsidiary 168,600 Operating expenses (2,240,000) (480,000) $1,208,600 $240,000 Net income $ a. Compute the income (loss) from subsidiary of $168,600 reported by the parent company in its pre- consolidation income statement Do not use negative signs with your answers below. Subsidiary's net income AAP Confirmed upstream gain 12,000 Adjusted subsidiary income P% of interest Income (loss) from subsidiary $ 168,600 10 x 10 * $ 10 X 75 % b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below. Consolidated Income Statement Sales $ 11,120,000 Cost of goods sold 7,120,000 Gross profit 4,000,000 Operating expenses 2,720,000 x Net income 110 X Net income attributable to noncontrolling interests 10 X Net income attributable to the parent 10 X > > $