Sales Cost of Sales Gross profit Other expenses Profit before tax Tax expense Profit after tax Retained earnings at 1 Jan 2015 Retained earnings at 31 Dec 2015 Parent Co. $ 3,000,000 (1,200,000) 1,800,000 (200,000) 1,600,000 (320,000) 1,280,000 4,820,000 6,100,000 Subsidiary Co. $ 2,070,000 (720,000) 1,350,000 (100,000) 1,250,000 (250,000) 1,000,000 3,700,000 4,700,000 ended Prepare a Consolidated Income Statement for year 31/12/2015 (Worksheet Approach ) Applying Notes Illustration 2 (CJE1 to 5) P.20 to 23