Proman Manufacturing owns a 90% interest in Sipp Company,purchased at a time when the book values of Sipp's recorded assets and liabilities were equal to fair values.During 2014,Sipp sold merchandise to Proman for $80,000 at a 20% gross profit.At December 31,2014,25% of this merchandise is still in Proman's inventory.Separate incomes for Proman and Sipp are summarized as follows: 
Required: Prepare a consolidated income statement for 2014 for Proman and subsidiary.
Definitions:
Rape Shield Laws
Laws that limit the ability to introduce evidence or cross-examine rape complainants about their past sexual behavior.
Loopholes
Gaps or ambiguities in laws or regulations that allow individuals or companies to legally circumvent intended rules or regulations.
Culture Of Rape
A term used to describe a society where rape is pervasive and normalized due to societal attitudes about gender and sexuality.
Less Lovable
A term that might refer to individuals or entities considered less endearing or attractive, either emotionally or physically, in a given context.
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