Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream intercompany depreciable asset profits 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 $184,000 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 $120,000 and to an unrecorded patent valued at $64,000. The building asset is being depreciated over a 12-year period and the patent is being amortized over an 8-year period, both on the straight-line basis with no salvage value. During a previous year, the subsidiary sold to the parent company a piece of depreciable property. The unconfirmed upstream gain on this intercompany transaction was $80,000 at the beginning of the current year. The upstream gain confirmed each year is $16,000. During the current year, the subsidiary declared

Preparins a consolidated intome statement-Cost method with noncontrolling interest, AAP and upveream intericompany depreciable asset profits Hatementhor the curentykar: statements. Eitfurseren Do not use negative signs wath your anwers below. Buck twal be reported in the consolidated financlat forwas. b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below