Shown below are selected ledger accounts from the trial balance of a parent and its subsidiary as of December 31, Year 10. Sco. $ 38,800 P Co. $ 150,899 663,000 384,000 1,900 Investment in bonds of P Investment in shares of 5 (equity method) Sales Interest income Equity method income Gain on sale of land Common shares Retained earnings, beginning of year Bonds payable 8% Cost of sales Interest expense Selling and administrative expense Income tax expense Dividends 100,000 40,000 115,737 3,000 300,000 70,000 199,000 397,800 16,500 40,000 23,000 10,000 230,400 20,000 9,290 8,000 Additional Information: P Company purchased its 90% interest in s Company in Year 2, on the date that S Company was incorporated, and has followed the equity method to account for its investment since that date. . On April 1, Year 6, land that had originally cost $17,000 was sold by S Company to P Company for $20,000. P purchased the land with the intention of developing it, but in Year 10 it decided that the location was not suitable and the land was sold to a chain of drug stores. . On January 1, Year 3, P Company issued $200,000 face value bonds due in 10 years. The proceeds from the bond issue amounted to $195,000. . On July 1, Year 10, S Company purchased $40,000 of these bonds on the open market at a cost of $38,500. Intercompany bondholding gains (losses) are allocated between the two affiliates. S Company had $60,000 in sales to P Company during Year 10. . Use income tax allocation at a 40% tax rate. Required: (a) Prepare a consolidated income statement for Year 10. (Input all values as positive numbers. Do not round intermediate answers. Round your final answers to nearest whole dollar.) PC. Consolidated Income Statement Year 10 Total revenues Total expenses Attributable to: Shareholders of P Co Non-controlling interest Consolidated net income (b) Prepare a consolidated statement of retained earnings for Year 10. (Input all values as positive numbers. Omit $ sign in your response.) P Co. Consolidated Retained Earnings Statement Year 10 (Click to select) (Click to select) (Click to select) (Click to select)