P Company acquired 70% of the ordinary shares of S Company at a time when S Company’s book values and fair values were equal. Separate income of P and Sfor 2022 are as follows:                                                                 P                                S Sales                                            7,000,000               4,000,000 Cost of Sales                             4,000,000               2,000,000 Dividend Revenue                     490,000                     0 Net Income                                1,800,000              1,000,000 Intercompany sales from P to S for 2021 and 2022 are as follows:                             Cost Selling               Price                 Sold as of year-end 2021                   2,496,000               3,900,000                      40% 2022                   1,650,000               2,750,000                      50% For the year 2022, compute for  The consolidated Cost of Sales.

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On January 1, 2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years 2020 and 2021 follows  (credit balances indicated by parentheses):       2020     2021   Abbey Company:             Sales $ (698,000 ) $ (1,000,000 ) Operating expenses   468,000     524,000   Intra-entity gross profits in ending inventory (included in above figures)   (159,000 )   (171,000 ) Dividend income—Benjamin Company   (9,000 )   (40,500 ) Benjamin Company:             Sales   (250,000 )   (289,000 ) Operating expenses   133,000     151,000   Dividends paid   (10,000 )   (45,000 )     Assume that a tax rate of 21 percent is applicable to both companies.   On consolidated financial statements for 2021, what are the income tax expense and the income tax currently payable if Abbey and Benjamin file a consolidated tax return as an affiliated group? On consolidated financial statements for 2021, what are the income…