You were given the following information for the Unadjusted partial Income Statements for Parent Inc. and Sub Inc. for December 31, 2023

	Parent Inc.	Sub Inc.
Sales Revenue	$1,000,000	$500,000
Cost of Goods Sold	$600,000	$300,000
Depreciation Expense	$40,000	$20,000

Also for simplicity, assume no other expenses other than listed above.

Question 1

Not yet graded / 5 pts

Assume Parent owns 100% of Sub. You were also advised that:

• Consolidated goodwill was $30,000. At the end of 2023, there was a 15% goodwill impairment.
• On the date of acquisition, the fair value of Sub's inventory was $5,000 less than book value. All of this inventory was sold during 2023.

Required:

Calculate the adjusted Consolidated Net income before Tax.