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Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20x8, Phone and Smart reported the following partial operating results and inventory balances: Phone Corporation $672,000 146,300 Smart Company $525,000 246,300 33,000 Total sales Sales to Smart Company Sales to Phone Corporation Net income Operating income (excluding investment income from Smart) Inventory on hand, December 31, 20x8, purchased from Smart Company Phone Corporation 83,000 49,260 43,890 Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its soles et cost plus a 20 percent markup. The total sales reported by Phone and Smart include both intercompany sales and soles to nonaffiliates. Required: a. What amount of sales will be reported in the consolidated income statement for 20x8? Amount of sales 804,400 b. What amount of cost of goods sold will be reported in the 20x8 consolidated Income statement? (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) Amount of cost of goods sold c. What amount of consolidated net income and income to controlling Interest will be reported in the 20x8 consolidated Income statement? Consolidated net income Income to controlling interest d. What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8? Inventory

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