Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased a 60% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $420,000 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 $270,000 and to an unrecorded Trademark valued at $150,000. The building asset is being depreciated over a 10-year period and the Trademark is being amortized over a 5-year period, both on the straight-line basis with no salvage value. During the current year, the parent and subsidiary reported a total of $750,000 of intercompany sales. At the beginning of the current year, there were $75,000 of upstream intercompany profits in the parent's inventory. At the end of the current year, there were $60,000 of downstream intercompany profits in th

Preparing a consolidated income statement-Cost method with noncontroling interest, AAP and upstream and downstream intercompany inventery profits consoldsion imestment bookerpink. Each company reports the following income statement for the current year: aterents b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below