The following items pertain to a parent company and its 60%-owned subsidiary at year end. There are no cross-guarantees of debt between the parent and subsidiary. Parent Subsidiary Current assets $500,000 $1,000,000 Noncurrent assets (excluding subsidiary investment) |5,000,000 2,000,000 Current liabilities 750.000 250.000 Noncurrent liabilities 2,000,000 750,000 Revenues 1,700,000 1,500.000 Expenses 1,600,000 900.000 Dividends 100.000 600.000 Required: Explain and illustrate how consolidated reporting using the previous data can be misleading. Complete the assignment and submit to Task 9 by the end of the week. This assignment is based off the objectives from Chapter 17. Please make sure that you read and review the Chapter 17 reading, Self-study problems and other textbook material. Make sure you format your assignment in APA format