stion 4 yet vered P Corporation acquired an 80% interest in S Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $35,000 to S for $43,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in s inventory. Separate incomes investment income not included) of the two companies are as follows: ked out of 3 Flag question P S Sales Revenue $180,000 $160,000 Cost of Goods Sold 120,000 90,000 Operating Expenses 17,000 21,000 Separate incomes $ 43,000 $ 49,000 the year ended December 31, 2014,the unrealized income from intercompany sales Select one: a. $ 2,000 profit @ b. $6,000 profit C. $ 6,000 loss d. $ 2,000 loss 5 S Corporation, an 80%-owned subsidiary of P Corporation, sold inventory items to its parent at a $48,000 profit in 2014. P resold two-third of this inventory to outside entities. S reported net income of $200,000 for 2014. Noncontrolling interest share of consolidated net income that will appear in the income statement for 2014 is ut of Select one: question a. $36,800 b. $33,600 c. $34,000 d. $40,000