Select the correct answer for each of the following questions.
Showtime Corporation holds 80 percent of the stock of Movie Productions Inc. During 20X4, Showtime purchased an inventory of snack bar items for \(\$ 40,000\) and resold \(\$ 30,000\) to Movie Productions Inc. for \(\$ 48,000\). Movie Productions Inc. repored sales of \(\$ 67,000\) in 20X4 and had inventory of \(\$ 16,000\) on December 31,20X4. The companies held no beginning inventory and had no other transactions in \(20 \mathrm{X} 4\).
1. What amount of cost of goods sold will be reported in the \(20 \mathrm{X} 4\) consolidated income statement?

a. \(\$ 20,000\).

b. \(\$ 30,000\).

c. \(\$ 32,000\).

d. \(\$ 52,000\).

e. \(\$ 62,000\).
2. What amount of net income will be reported in the \(20 \mathrm{X} 4\) consolidated income statement?

a. \(\$ 12,000\).

b. \(\$ 18,000\).

c. \(\$ 40,000\).

d. \(\$ 47,000\).

e. \(\$ 53,000\).
3. What amount of income will be assigned to the noncontrolling interest in the \(20 \times 4\) consolidated income statement?

a. \(\$ 7,000\).

b. \(\$ 8.000\).

c. \(\$ 9.400\).

d. \(\$ 10.200\).

e. \(\$ 13,400\).