Question 1 (34 Marks) A- Below are the income statement information for 2016 of Portland Inc. and its 80% owned subsidiary "Sub". Portland Sub Sales 1,000,000 600,000 Cost of goods sold 500,000 400,000 Gross profit 500,000 200,000 Operating expense 250,000 80,000 Net income 250,000 120,000 During 2016, Portland sold inventory to its subsidiary for $200,000 at a gross profit $40,000. The remaining inventory on the hand of subsidiary is 40%. (22 Marks) Required 1. Compute the unrealized profit - ending 2. Compute profit for 2016 for the a. Non-controlling interest b. Parent profit 3. Prepare consolidated income statement for 2016, show the elimination entries