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Parent Company owns 55% of Subsidiary company. The 2019 Income Statements of both companies are as...

Parent Company owns 55% of Subsidiary company. The 2019 Income Statements of both companies are as following below. Fiscal Year in both companies end same on December 31. Both companies have a tax rate of 35%.

Parent Sub
Gross Profit 80,000 60,000
Miscellaneous Expenses 20,000 20,000
Depreciation Expense 30,000 15,000
Income Tax Expense 10,500 8,750
NET INCOME $ 19,500 $16,250

On July 01, 2019 Subsidiary sold equipment to Parent at a profit of $9,000 (before tax). The equipment had a remaining useful life of 25 years on that date. At the end of 2019, Subsidiary declared and paid $3,000 dividend.

ASKING:

  1. Calculation of 2019 Consolidated Net Income as at December 31, including the share attributable to the N.C.I. (Non-Controlling Interest).
  2. Calculation of the amount of Income Tax Expense as at December 31 papering on the 2019 Consolidated Income Statement.
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