Preparing a consolidated income statement-Equity method with noncontrolling interest, AAP and upstream intercompany depreciable asset profits A parent company purchased an 80% controlling interest in its subsidiary several years aago. The aggregate fair value of the controlling and noncontrolling interest was 5345,000 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 $225,000 and to an unrecorded Customer List valued at $120,000. The building asset is being depreciated over a 12-year period and the Customer List is being amortized over a 5-year period both on the straght-ine basis with no salvage value. Durga dsyear, the subsidiary sald to the parent company a pie property. The unconfirmed upstream gain on this intercompany transaction was $90,000 at the beginning of the .During the current year, the subsidiary dedared and paid $135,000 of dividends. The parent company uses the equity mechod of pre-consolidation investment bookkeeping. is $22,50 company reports the follawing income statement for the current year Subsidiary Parent Income statement fgoods sold Gress groft 720OT) 3OU0.O00 Income (loss) from subsidary 185 400 Operating expenses a. Compute the Income (loss) from subsidiary of $185,400 reported by the parent company in its pre-consolidatian income statement Do not use negative signs with your answers below. Subsidiary's nct income 252,000 AAP 42,750 Confirmed upstream gain 135,000 ary income pe ot interest 167400 Income(lass) from subaidary S b. Prepare the consolidated income statement for the current ycar. Do not use negotive signs with your answers below Consolidated Income Statement Sales 13.200000 Cast of goods sold (9480 000 Grcs profit 4320.000 Operating axoonte 2,700,7 Nor incnme attributable to noncontrolling interests Net income attobutable to the parent