Separate income statements of quail corp and its 80% owned subsidiary, Savannah corp, for 2016 are as follows:

	Quail	savanah
Sales Revenue	800,000	300,000
Gain on equipment		35,000
Cost of sales	(400,000)	(160,000)
Other expense	(265,000)	(60,000)
Seperate incomes	135,000	115,000

addiitonal information:

1. quail acquired its 80% interest in savannah corporation when the book values were equal to the fair values.

2. the gain on equipment relates to eqiupment with a book value of 85000 and a 7yr remaining useful life that svannah sold to quail for 120,000 on jan 1 2016. straight line depreciaiton method is used

1. required:

prepare a consolidated income statement for quail corp and subsidiary for the year 2016 by preparing a consolidated wokrsheet. Please fill in the blanks

Income Statement	P	S	Adj/Elimination	Consolidation
Sales Revenue
Income from S
Gain on Equipment
Cost of Sales
Other Expenses
Depreciation Expense
NCI Expense
Net Income

please show all work

2. How do I calculate the income from Savanah and depreciation expense?