comparative income statements for pim corporation and its 100 pe 358888

Comparative income statements for Pim Corporation and its 100 percent owned subsidiary, Sad Corporation, for the year ended December 31, 2019, are summarized as follows:



Pim purchased its interest in Sad at fair value equal to book value on January 1, 2011. On January 1, 2012, Pim sold $500,000 par of 10 percent, 10 year bonds to the public at par, and on January 2, 2019, Sad purchased $200,000 par of the bonds at 97. The companies use straight line amortization. There are no other intercompany transactions between the affiliates.

REQUIRED: Prepare a consolidated income statement for Pim Corporation and Subsidiary for the year ended December 31,2019.