Company S is 80% owned by Company P. Near the end of 2011, Company S sold merchandise

Question:

Company S is 80% owned by Company P. Near the end of 2011, Company S sold merchandise with a cost of $6,000 to Company P for $7,000. Company P sold the merchandise to a nonaffiliated firm in 2012 for $10,000. How much total profit should be recorded on the consolidated income statements in 2011 and 2012? How much profit should be awarded to the controlling and noncontrolling interests in2011and2012?

Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...