The following items pertain to a parent company and its 60 percent owned subsidiary at year end. There are no cross guarantees of debt between the parent and subsidiary.
| Parent | Subsidiary | |
| Current assets | $ 500,000 | $1,000,000 |
| Noncurrent assets(excluding subsidiary investment) | 5,000,000 | 2,000,000 |
| Current liabilities | 750,000 | 250,000 |
| Noncurrent liabilities | 2,000,000 | 750,000 |
| Revenues | 1,700,000 | 1,500,000 |
| Expenses | 1,600,000 | 900,000 |
| Dividends | 100,000 | 600,000 |
Required:
Explain and illustrate how consolidated reporting using the previous data can be misleading.
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