Power Company owns a 70% controlling interest in the Shelton Company. Shelton regularly sells merchandise to Power, which then sells to outside parties. The gross profit on these sales is the same as sales to outside parties. On January 1, 2013, Power sold equipment to Shelton. Additional information for the companies for 2013 is summarized as follows: Power Shelton Sales $2,250,000 $1,500,000

Cost of Goods Sold 1,850,000 1,050,000

Operating Expenses 320,000 240,000 Internally generated net income 80,000 210,000 Intercompany merchandise sales 0 200,000 Intercompany inventory, end of year 0 50,000 Intercompany inventory, beginning of year 0 40,000 Book value of equipment sold 150,000 0 Sales price for equipment 220,000 0 Depreciable life of equipment 14 years Prepare the consolidated income statement for 2013 for Power and Shelton and a schedule of consolidated net income and the share to controlling and non-controlling interests for 2013.