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Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows:

Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2015
Sales				$14,098,400
Cost of Sales		9,191,200
Operating Expense		1,784,000		10,975,200
Consolidated Income				3,123,200
Less Noncontrolling Interest in Consolidated Income				212,320
Controlling Interest in Consolidated Net Income				$2,910,880

During your audit you discover that intercompany sales transactions were not reflected in the controllers draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows:

		Cost		Selling Price		Unsold at Year-End
2014 SalesSeaton to Peat		$1,487,100		$1,789,800		1/3
2015 SalesPeat to Seaton		899,000		1,390,600		2/5

Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015.

Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015.

The Options are : Consolidated Income, Controlling Interest in Consolidated Net Income,Cost of Goods Sold, Noncontrolling Interest in Consolidated Income, Operating Expense, Sales

Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015 PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015

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