Yosef Corporation acquired 90% 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 $27,000) were made. Only 20% 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 $33,000) occurred in Year 7. Of this merchandise, 30% 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:

	Yosef	Randeep
Inventory	$70,000	$45,000
Retained Earning, beg. of year	500,000	300,000
Net Income	150,000	55,000
Dividends Declared	50,000	20,000
Retained Earnings, End of Year	600,000	335,000

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