Arriba and its 80 percent-owned subsidiary (Abajo) reported the following figures for the year ending December 31, 2021 (credit balances indicated by parentheses). Abajo paid dividends of $34,000 during this period. Abajo $(340,000) 158,800 68,000 Arriba Sales Cost of goods sold Operating expenses Dividend income $(680,000) 340,000 197, 200 (27,200) $(170,000) Net income $(113,200) In 2020, intra-entity gross profits of $34,000 on upstream transfers of $102,000 were deferred into 2021. In 2021 intra-entity gross profits of $45,200 on upstream transfers of $124,400 were deferred into 2022. a. What amounts appear for each line in a consolidated income statement for the year ending December 31, 2021? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 21 percent.

Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow: Cash Accounts receivable (net) Merchandise inventory Buildings and equipment (net) Trademark Totals Accounts payable Notes payable, long-term Noncontrolling interest Common stock, $10 par Retained earnings (deficit) Totals 2014 2013 $ 9,550 $ 10,600 49,550 82,750 102,000 116,500 118,500 136,500 22,750 39,750 $43,050. $43,200. $21,600. $15,700. $362,350 $326,100 $ 92,600 $ 71,000 0 31,700 52,800 43,000 200,000 200,000 16,950 (19,600) $362,350 $ 326,100 Additional Information for Fiscal Year 2014 • Iverson and Oakley's consolidated net income was $58,750. Oakley paid $7,000 in dividends during the year. Iverson paid $11,000 in dividends. Oakley sold $18,000 worth of merchandise to Iverson during the year. There were no purchases or sales of long-term assets during the year. In the 2014 consolidated statement of cash flows for Iverson Company: Net cash flows from operating…

WD Corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals:   Cash $ 42,000 Current liabilities $ 77,000 Accounts receivable 57,000 Long-term liabilities 28,000 Inventory 62,000 Common stock 102,000 Equipment 147,000 Retained earnings 101,000 Total assets $ 308,000 Total liabilities and equity $ 308,000

Selected accounts from the year-to-date financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd., were as follows: Cash Inventory Deferred income tax asset Sales Cost of sales Income tax expense Additional Information . Nowak Shawinigan $ 570 $ 750 210 • The above statements include the only intercompany transaction this year which was a cash sale of $600 by Nowak to Shawinigan at its regular margin of 30% of sales and accrued income tax at its tax rate of 40%. Cash Inventory Deferred income tax asset 9,100 6,370 910 Sales Cost of sales Income tax expense Today, Shawinigan sold $400 of the inventory it had purchased from Nowak to an arm's length party at its regular markup of 30% over cost and accrued income tax at its tax rate of 40%. 180 1,740 90 5,200 4,000 450 Required: Determine the account balance for each account on the three financial statements after the new transaction is recorded. (Input all amounts as positive values. Omit $ sign in your…