The following information relates to Panorama Corporation and its 70 percent-owned

subsidiary, Scan, for the year 2022 is as follows (in thousands):

Panorama Scan

Sales $2,000 $ 800

Income from Scan 98

Cost of sales (1,200) (400)

Depreciation expense (100) (80)

Other expenses (398) (180)

Required:

Prepare a consolidated income statement for Panorama Corporation and Subsidiary for 2022. (Working paper not required) Assuming that Panorama acquired its 70 percent interest in Scan at book value on January 1, 2021, when the fair value of Scan assets and liabilities were equal to recorded book values. There were no intercompany transactions during 2021 and 2022.