The 2020 income statements of both companies P and S are shown below. The fiscal year end is December 31.

	P	S
Gross Profit	$80,000	$60,000
Miscellaneous Expenses	$20,000	$20,000
Depreciation Expense	$30,000	$15,000
Income Tax Expense	$10,500	$ 8,750
Net Income	$19,500	$ 16,250

Assume a tax rate of 35%, and P owns 55% of S.

On June 1, 2020, S sold equipment to P at a profit of $15,000 (before tax). The equipment had a remaining useful life of 25 years on that date (i.e. June 1). At the end of 2020, S declared and paid a $4,000 dividend.

Required:

Prepare a Consolidated Income Statement for the 2020. Be sure to identify the share of Consolidated Net income attributable to the non-controlling interest