Up and its 80 percent-owned subsidiary (Down) reported the following figures for the year ending December 31, 2018. Down paid dividends of $49,000 during this period. Sales Cont of goods sold Operating expenses Dividend income Net Income Up $(980,000) 490,000 284,200 (39,200) $(245,000) Down $(490,000) 229,300 98,000 0 $(162,700) In 2017, intra-entity gross profits of $49,000 on upstream transfers of $147,000 were deferred into 2018. In 2018, intra-entity gross profits of $64,700 on upstream transfers of $178,400 were deferred into 2019, a. What amounts appear for each line in a consolidated income statement? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 30 percent. Sales Cost of goods sold Operating expenses Dividend income Consolidated net income Noncontrolling interest in consolidated net income Controlling interest in consolidated net income In 2017, intra-entity gross profits of $49,000 on upstream transfers of $147,000 were deferred into 2018. In 2018, intra-entity gross profits of $64,700 on upstream transfers of $178,400 were deferred into 2019. a. What amounts appear for each line in a consolidated income statement? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 30 percent a. Sales Cost of goods sold Operating expenses Dividend income Consolidated net income Noncontrolling interest in consolidated net income Controlling interest in consolidated net income Income tax expense b