Preparing a consolidated income statement For the year ended December 31,20Y2, the operating results of Paley Corporation anc During 20Y2, Sims Enterprises sold and received payment of $80,000 for merchandise Enterprises $45,000. Paley Corporation sold the merchandise to another (nonaffiliated) a. Prepare a consolidated income statement for Paley Corporation and Subsidiary. Hint: Paley Corporation and Subsidiary Consolidated Income Statement