Preparing a consolidated income statement-Cost method with noncontrolling interest and AAP A parent company purchased a 75% controling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $648.000 in excess of the subsidiary's Stockholders on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $360,000 and to an unrecorded Customer List valued at $288,000. The building asset is being depreciated over a 15-year period and the Customer List is berig amortized over a 4-year period, both on the straight ane basis with no salvage value. During the current year, the subsidiary declared and paid $160,000 of dividends. The parent company unes the cost method of pre-consolidation investment bookkeeping. Each company reports the following income statement for the current year Income statement Parent Subsidiary $600.000 12.040.000 Cnt of good sid 720,000 1,152.000 Gross prote 288000 28,000 Income from subsidiary 120,000 Operating expenses 0124000 563.200 income $1,176,000 $364800 a Starting with the parent's current-year pre-consolidation net income of $1,176,000, compute the amount of current year net income attributable to the parent that will be reported in the consolidated financial statentert Do not use negative signs with your answers below. Reconciliation of Cost to Equity Method Didend Income het mesme of subsidiary PAAP amortization Nete abutable to controlling interest b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below. Consolidated Income Statement Sales Cost of goods sold Gross profit Operating expenses $ 0 0 0 4 12 4 O 0 0