PROVIDE ALL ACCOUNT NAMES AND THE CORRECT NUMBERS FOR EACH ACCOUNT!

A parent company purchased an 80% interest in its subsidiary several years ago with no AAP (i.e., purchased at book value). Each reports the following income statement for the current year. Parent Subsidiary Income statement: Sales Cost of goods sold Gross profit Income (loss) from subsidiary Operating expenses Net income $7,500,000 $1,125,000 (5,250,000) (675,000) 2,250,000 450,000 126,000 0 (1,425,000) (292,500) $951,000 $157,500 a. Compute the Income (loss) from subsidiary of $126,000 reported by the parent company. $ Net income of subsidiary Net income Income (loss) from subsidiary % $ b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers. Consolidated Income Statement Sales $ Cost of goods sold Gross profit Income (loss) from subsidiary Operating expenses Net income Net income attributable to parent Net income attributable to noncontrolling interests - $