PPP Corporation acquired a 60% interest in SSS Corporation at a cost equal to 60% of the book value of Shino's net assets in 2018. At the time of acquisition, the book value and fair value of SSS's assets and liabilities were equal. During 2019, PPP sold $120,000 of merchandise to SSS. All intercompany sales are made at 125% of PPP's cost. SSS's beginning and ending inventories resulting from intercompany sales for 2015 were $36,000 and $60,000, respectively. Income statement information for both companies for 2019 is as follows: PPP Sales Revenue Cost of Goods Sold Expenses $730,000 (319,000) (165,000) SSS $262,000 (172,000) (40,000) Net Income $246,000 $50,000 Required: 1. What is the income from SSS that PPP should report in its income statement for 2019? goods sold that should be appeared in the consolidated income What is the consolidated statement of 2019? 3. Record the eliminating entries for 2019 that PPP should prepare in the working paper 4- Prepare a consolidated income statement for Preen Corporation and Subsidiary for 2019