The separate incomes (which do not include investment income) of Pop Corporation and Son Corporation, its 80 percent - owned subsidiary, for 2016 were determined as follows (in thousands): ___________________ Pop ___________ Son Sales ....................$3,200 ...............$800 Less: Cost of sales ... 1,600 ................. 320 Gross profit .............1,600 ................480 Other expenses .......... 800 ................ 240 Separate incomes ...... $ 800 ..............

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The separate incomes (which do not include investment income) of Pop Corporation and Son Corporation, its 80 percent - owned subsidiary, for 2016 were determined as follows (in thousands):

___________________ Pop ___________ Son

Sales ....................$3,200 ...............$800

Less: Cost of sales ... 1,600 ................. 320

Gross profit .............1,600 ................480

Other expenses .......... 800 ................ 240

Separate incomes ...... $ 800 .............. $240

During 2016, Pop sold merchandise that cost $160,000 to Son for $320,000, and at December 31, 2016, half of these inventory items remained unsold by Son.

Required:

Prepare a consolidated income statement for Pop Corporation and Subsidiary for the year ended December 31, 2016?

Consolidated Income Statement
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Related Book For answer-question

Advanced Accounting

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

ISBN: 978-0134472140