The Following Information Relates to a Parent and Its 60%-Owned

The following information relates to a parent and its 60%-owned subsidiary for 2021:
•Parent's net income from its own operations, $70,000.
•Subsidiary's net income from its own operations, $30,000.
•Dividends paid by the subsidiary, $10,000.
•Write-off of identifiable intangibles recognized at acquisition, $2,000.
•Downstream profit in subsidiary's beginning inventory, $500.
•Downstream profit in subsidiary's ending inventory, $750.
•Downstream gain on sale of patent to subsidiary at the beginning of the year, $4,000. The patent has a 4-year life.
•The parent uses the complete equity method to report its investment on its own books.
Required
Calculate the following amounts:
a. Equity in net income, reported on the parent's books for 2021.
b. Noncontrolling interest in net income, reported on the consolidated income statement for 2021.
c. Consolidated net income, reported on the consolidated income statement for 2021.