Preparing a consolidated income statement-Equity method with noncontrolling interest and AAP A parent company purchased a 60% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $375,000 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 $225,000 and to an unrecorded patent valued at $150,000. The building asset is being depreciated over a 20-year period and the patent is being amortized over a 10-year period, both on the straight-line basis with no salvage value. During the current year, the subs declared and paid $60,000 of dividends. The parent company uses the equity method of pre-consolidation investment bookkeeping. Each company reports the following income statement for the current year: Income statement: Sales Parent Subsidiary $6,000,000 $900,000 (4,200,000) (540,000) Cost of goods sold Gross profit Income (loss) from subsidiary Operating expenses Net income 1,800,000 360,000 59,850 (1,140,000) (234,000) $719,850 $126,000 a. Compute the Income (loss) from subsidiary of $59,850 reported by the parent company in its preconsolidation income statement. Do not use negative signs with your answers below. Subsidiary's net income $ 0 AAP D Adjusted subsidiary income $ 0 P% of interest X Income (loss) from subsidiary S 0 % 0 b. Prepare the consolidated income statement for the current year, Do not use negative signs with your answers below. Consolidated Income Statement Sales 0 Cost of goods sold Gross profit 0 0 Operating expenses 0 0 O 0 0 $ Please answer all parts of the question.