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Preparing a consolidated income statement - with noncontrolling interest, but no AAP or intercompany profits A parent company purchased an 80% interest in its subsidiary several years ago with no AAP (i.e., purchased at book value). Each reports the following income statement for the current year. Parent Subsidiary Income statement: Sales $20,000,000 $3,000,000 Cost of goods sold 14,000,000 1,800,000 Gross profit 6,000,000 1,200,000 Income (loss) from subsidiary 336,000 0 Operating expenses 3,800,000) 780,000 Net income $2,536,000 $420,000 a. Compute the Income (loss) from subsidiary of $336,000 reported by the parent company. Net income of subsidiary $ 420,000 Net income attributable to parent 80 % Income (loss) from subsidiary $ 336,000 $ O 0 b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers. Consolidated Income Statement Sales $ Cost of goods sold Gross profit Income (loss) from subsidiary Operating expenses Net income Net income attributable to noncontrolling interests Net income attributable to parent 0 0 0 0 0 0 0