QUESTION: What amount should Parent report as consolidated net income for 2019

QUESTION: How much of the income should be allocated to noncontrolling interest for 2019?

QUESTION: How much should Parent report in its income statement as income from its investment in Subsidiary?

QUESTION: How much of the dividends declared by Subsidiary should Parent record as income?

At acquisition date, Parent company acquired 75% of Subsidiary Company's common stock at its underlying book values which also equal their fair values. The fair value of the noncontrolling interest was 25%. The income statement for each company for 2019 is presented below: Subsidiary. Parent Sales. $150,000 $528,000 Less: COGS. 380,000 $ 87,000. 20,000 Depreciation Exp 2,000 Other Expenses. 23,000. 66,000 50,000 Net Income 20,000. Parent company uses the equity method in accounting for its ownership in Subsidiary. Subsidiary paid $12,000 in dividends in 2019