Sales Cost of goods sold Gross profit Operating expenses Operating income Interest revenue Interest expense Corporation

Question

Sales Cost of goods sold Gross profit Operating expenses Operating income Interest revenue Interest expense Corporation Enterprises 3 200 000 900 000 1 900 000 550 000 1 300 000 350 000 750 000 125 000 550 000 225 000 20 000 Net income During 20Y2 Sims Enterprises sold and received payment of 80 000 for merchandise that was purchased by Paley Corporation The merchandise sold to Paley cost Sis Enterprises 45 000 Paley Corporation sold the merchandise to another nonaffiliated company for 110 000 Sales Cost of goods sold Gross profit a Prepare a consolidated income statement for Paley Corporation and Subsidiary Hint Eliminate the effect of the intercompany sale Paley Corporation and Subsidiary Consolidated Income Statement For the Year Ended December 31 20Y2 Operating expenses Operating income 570 000 Other revenue and expense Interest revenue 15 000 210 000 Interest expense 20 000 15 000

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