Use the following information to answer questions 8, 9, and 10. Wren Corporation acquired 80% ownership of Arid Incorporated, at a time when Wren's investment (using the equity method) and Arid's book values were equal. During 2020, Wren sold goods to Arid for $200,000 making a gross profit percentage of 20%. Half of these goods remained unsold in Arid's inventory at the end of the year. Income statement information for Wren and Arid for 2020 was as follows: Sales Revenue Cost of Goods Sold Operating Expenses Separate incomes Wren $1,000,000 500,000 250,000 $250.000 Arid $600,000 400,000 80,000 $120.000 8. a. The 2020 consolidated income statement showed cost of goods sold of $720,000. b. $880,000. $900,000. d. $920,000. c. 9. a. The 2020 consolidated income statement showed income from Arid of $56,000. b. $76,000. c. $80,000. d. $96,000. 10. The 2020 consolidated income statement showed non-controlling income of a. $ 2,000. b. $ 8,000. $20,000. d. $24,000. C