Preparing a consolidated income statement$-$Cost method with noncontrolling interest and AAP

A parent company purchased a $90\%$ controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $$322,000$ in excess of the subsidiary's

Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $$230,000$ and to an unrecorded Customer List valued at $$92,000.$ The building asset is

being depreciated over a $10-$year period and the Customer List is being amortized over a $5-$year period, both on the straight$-$line basis with no salvage value. During the current year, the subsidiary declared and

paid $$103,500$ of dividends. The parent company uses the cost method of pre$-$consolidation investment bookkeeping. Each company reports the following income statement for the current year:

a$.$ Starting with the parent's current$-$year pre$-$consolidation net income of $$461,150,$ compute the amount of current$-$year net income attributable to the parent that will be reported in the consolidated fincial

statements.

Do not use negative signs with your answers below.

b$.$ Prepare the consolidated income statement for the current year.

Do not use negative signs with your answers below.