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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 $11,500,000 $1,725,000 Cost of goods sold (8,050,000) (1,035,000) Gross profit 3,450,000 690,000 Income (loss) from subsidiary 193,200 0 Operating expenses (2,185,000) (448,500) Net income $1,458,200 $241,500 a. Compute the Income (loss) from subsidiary of $193,200 reported by the parent company. AnswerNet incomeNet income attributable to noncontrolling interestsNet income attributable to parentNet income of subsidiaryParent's ownership percentage Answer AnswerNet incomeNet income attributable to noncontrolling interestsNet income attributable to parentNet income of subsidiaryParent's ownership percentage Answer % Income (loss) from subsidiary Answer b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers. Consolidated Income Statement Sales Answer Cost of goods sold Answer Gross profit Answer Income (loss) from subsidiary Answer Operating expenses Answer Answer Answer Answer