Your answer is partially correct. Try again. Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2015 Sales $14,001,100 Cost of Sales 9,185,500 Operating Expense 1,789,200 10,974,700 Consolidated Income 3,026,400 Less Noncontrolling Interest in Consolidated Income 202,610 Controlling Interest in Consolidated Net Income $2,823.760 During your audit you oncover that intercompany sales transactions were not reflected in the controller's draft of the consolidated income statement Information relating to intercompany sales and unrealized intercompany profit is as follows: Selling Unsoldat CONE Price Year-End 2014 Sales Seaton to Peat $1,505,300 51,798,400 1/3 2015 Sales --Peat to Seaton 902,400 1,406,200 2/5 Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015 PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015 12594900 Selling Unsold at Cost Price Year-End 2014 Sales Seaton to Peat $1,505,300 $1,798,400 1/3 2015 Sales-Peat to Seaton 902,400 1,406,200 2/5 Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015 PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015 Sales 12594900 Cost of Goods Sold 7884097 Operating Expense 1789200 9673297 Consolidated Income 2921603 (less Noncontrolling Interest in Consolidated Income 212312 Controlling Interest in Consolidated Net Income 2709291 Click if no