The consolidated income statement of Put and Saw for 2011 was as follows (in thousands):

Sales ............................................................................. $5,520

Cost of sales ................................................................... (3,680)

Operating expenses ............................................................. (640)

Income to 20 percent noncontrolling interest in Saw ...................... (160)

Consolidated net income .................................................... $ 1,040

After the consolidated income statement was prepared, it was discovered that intercompany sales transactions had not been considered and that unrealized profits had not been eliminated. Information concerning these items follows (in thousands):

consolidated income statement of Put and Saw for 2011" class="fr-fic fr-dii">

REQUIRED
Prepare a corrected consolidated income statement for Put and Saw for the year ended December 31, 2011.

Transcribed Image Text:

Cost Selling Price Unsold at Year-End 2010 Sales- Put to Saw 2011 Sales-_Saw to Put $640 360 $720 480 25% 40