Preen Corporation acquired a 60% interest in Shino Corporation at a cost equal to 60% of the book value of Shino's net assets in 2014. At the time of acquisition, the book value and fair value of Shino's assets and liabilities were equal. During 2015, Preen sold $120,000 of merchandise to Shino. All intercompany sales are made at 150% of Preen's cost. Shino's beginning and ending inventories resulting from intercompany sales for 2015 were $60,000 and $36,000, respectively. Income statement information for both companies for 2015 is as follows:

Preen Shino

Sales Revenue $730,000 $262,000

Investment income from Shino 38,000

Cost of Goods Sold (319,000) (172,000)

Expenses (165,000) (40,000)

Net Income $284,000 $50,000

NOTE: Round your answer to the nearest dollar and do NOT put any punctuation. If the amount is negative put (-) before the number.

Required: Complete the following consolidated income statement for Preen Corporation and Subsidiary for 2015.

Preen Corporation and Subsidiary

Consolidated Income Statement

For the year ended December 31, 2015

Sales..................................................

Cost of Goods Sold..........................

Expenses............................................

Consolidated net income....................

Noncontrolling interest share..............

Controlling interest share....................

*Please show calculation for Cost of Good Sold, much appreciated!