Sogern is an 80%-owned subsidiary of Partplus Company. The two affiliates had the following separate income statements for 2011 and 2012 shown below.

Sogern sells at the same gross profit percentage to all customers. During 2011, Sogern sold goods to Partplus for the first time in the amount of $120,000. $30,000 of these sales remained in Partplus’s ending inventory. During 2012, sales to Partplus by Sogern were $110,000, of which $2$0,000 sales were still in Partplus’s December 31, 2012, inventory.
Prepare consolidated income statements including the distribution of income to the controlling and noncontrolling interests for 2011 and 2012.

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Partplus Company Sogern Company 2011 2012 2011 2012 $250,000 $300,000 $500,000 $540,000 Sales revenue Cost of goodS SO Gross profit Expenses Net income 150,000 180,000 310,000360,000 $100,000 $120,000 $190,000 $180,000 45,000 56,000 120,000 125,000 55,000 64,000 70,000 55,000