Problem 3 Parent had the following income statements for the calendar years 2017, 2018 and 2019. Sales Cost of Sales Operating Expenses 2017 6,000,000 4,100,000 500,000 2018 7,400,000 5,250,000 800,000 2019 7,800,000 5,450,000 975,000 Sub had the following income statements for the calendar years 2017, 2018 and 2019. Sales Cost of Sales Operating Expenses 2017 2,400,000 1,650,000 400,000 2018 2,760,000 1,725,000 530,000 2019 3,100,000 1,920,000 605,000 Additional Information . Sub was an 80%-owned subsidiary of Parent corporation throughout the 2017- 2019 period. Parent acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2016. Parent marks up its purchases by 25% when it sells to sub. Sub marks up its purchases by 33 1/3% when it sells to parent. Intercompany Information for the period Year 2017 2018 2019 Sales Parent To Sub 600,000 700,000 450,000 Sales Sub to Parent 400,000 375,000 300,000 Interco Sales In Sub Inventory 120,000 90,000 100,000 Interco Sales In parent Inv 80,000 56,000 40,000 REQUIRED: 1. What were consolidated sales for 2017, 2018 and 2019? 2. What were consolidated cost of sales for 2017, 2018 and 2019? 3. Compute minority interest in net income for 2017, 2018 and 2019