Yosef Corporation acquired 80% of the outstanding voting stock of Randeep Inc. on January 1, Year 6. During Year 6, intercompany sales of inventory of $45,000 (original cost of $30,000) were made. Only 30% of this inventory was still held within the consolidated entity at the end of Year 6 and was sold in Year 7. Intercompany sales of inventory of $60,000 (original cost of $35,000) occurred in Year 7. Of this merchandise, 20% had not been resold to outside parties by the end of the year. At the end of Year 7, selected figures from the two companies' financial statements were as follows: Inventory Retained earnings, beginning of year. Net Income Dividends declared Retained earnings, end of year Yosef. $70,000 500,000 150,000 50,000 600,000 Randeep $43000 300,000 55,000 18,000 337,000 Yosef uses the cost method to account for its investment in Randeep. Both companies pay income tax at the rate of 40%. Required (a) Assume that all intercompany sales were upstream. Calculate the amount to be reported on the Year 7 consolidated financial statements for the following accounts/items: i)Consolidated net income (ii) Consolidated net income attributable to the controlling and noncontrolling interest (iii) Deferred income tax asset (iv) Inventory (v) Assume Randeep's retained earnings at acquisition date January 1, Year 6 was $140,000. Calculate the Parent's (Yosef's) consolidated retained earnings balance at January 1, Year 7 AND December 31, Year 7. (b) Now assume that all intercompany sales were downstream. Calculate the amount to be reported on the Year 7 consolidated financial statements for the accounts/items listed in part (a).