1. Equity in subsidiary net income 2. 12/31/20 balance in the Investment in Stan before elimination 3. Cost of goods sold 4. Inventory 5. Goodwill 6. Equipment 7. Patent 8. Amortization expense 9. Depreciation expense 10. Noncontrolling interest assuming no upstream transactions 11. Accounts receivable 12. Assuming the subsidiary-Stan sold the inventory to Paul, compute the amount of the noncontrolling interest share of subsidiary net income. 13. Assuming the subsidiary-Stan sold equipment to Paul compute the noncontrolling interest share of subsidiary income, 14. Assuming Paul's net income does not include equity income, compute consolidated net income. Investment in Stan Accounts payahla 90.000 Common stock (400) 200,000) Additional paid in captal (200,000) 150.000) Retained earnings 150,000 Paul Scan relained uning l January 1, 2020 $270,000 $120.000 Ne income 250.000 90,000 Dividende oud 100.000 50,000 Additional information . On January 2, 2020. Pauline purchased 90% of Stan Co's outstanding common stock for $600.000. On that date, Ston's stooxholders' equity equaled $370.000 and the far value of the noncontrolling interest was $100,000. The fair values of Stan's identifiable assete and fabilities equaled their carrying values except for a patent with a ten year remaining life which was undervalued by $60,000. . On Sep.ember 4, 2020. Stan paid cash divicends of S60,000. - On December 31, 2020, Paul recorded its equity In Stan's earrings Onanuary 3 2020, Paul sold equipment with an original cost of $90,000 and a carrying value of $40,000Stan for $80,000. The equipment had a remaining life of four years and was depreciated using the straight line method by both comaanis . During 2020, Psul Bold merchandise on account to Stan for $200,000, which included a proht of $70,000. At December 31,2020,30% of this merchandise remained unsold. In addition 20% of the sole remains uncollected Required: Calculate the requested amounts to be reported on Paul's conso dated financial statements for the year ended December 3 2020 and enter your answer on the examination answer sheat. Consider transactions stated in the additional information Note; in questions 1 & 2 disregard intra entity transactions in inventory and fixed assets. Presented below are selected amounts from the separate unconsolidated financial statements of Paul Corp. and its 90%-owned subsidiary, Stan Co., at December 31, 2020. Paul Stan Selected income statement amounts $800,000 $660,000 Sales Cost of goods sold 500,000 300,000 Gain on sale of equipment 40,000 Equity in subsidiary net income Depreciation 30.000 20,000 Amortization 8,000 2,000 Selected balance sheet amounts Cash 60,000 20,000 Accounts receivable 80,000 90,000 Inventories 230,000 160,000 Patent (10 year remaining useful life) 80,000 18.000 Equipment 600.000 400.000 Accumulated depreciation (200,000) (100,000) Investment in Stan 1. Equity in subsidiary net income 2. 12/31/20 balance in the Investment in Stan before elimination 3. Cost of goods sold 4. Inventory 5. Goodwill 6. Equipment 7. Patent 8. Amortization expense 9. Depreciation expense 10. Noncontrolling interest assuming no upstream transactions 11. Accounts receivable 12. Assuming the subsidiary-Stan sold the inventory to Paul, compute the amount of the noncontrolling interest share of subsidiary net income. 13. Assuming the subsidiary-Stan sold equipment to Paul compute the noncontrolling interest share of subsidiary income, 14. Assuming Paul's net income does not include equity income, compute consolidated net income. Investment in Stan Accounts payahla 90.000 Common stock (400) 200,000) Additional paid in captal (200,000) 150.000) Retained earnings 150,000 Paul Scan relained uning l January 1, 2020 $270,000 $120.000 Ne income 250.000 90,000 Dividende oud 100.000 50,000 Additional information . On January 2, 2020. Pauline purchased 90% of Stan Co's outstanding common stock for $600.000. On that date, Ston's stooxholders' equity equaled $370.000 and the far value of the noncontrolling interest was $100,000. The fair values of Stan's identifiable assete and fabilities equaled their carrying values except for a patent with a ten year remaining life which was undervalued by $60,000. . On Sep.ember 4, 2020. Stan paid cash divicends of S60,000. - On December 31, 2020, Paul recorded its equity In Stan's earrings Onanuary 3 2020, Paul sold equipment with an original cost of $90,000 and a carrying value of $40,000Stan for $80,000. The equipment had a remaining life of four years and was depreciated using the straight line method by both comaanis . During 2020, Psul Bold merchandise on account to Stan for $200,000, which included a proht of $70,000. At December 31,2020,30% of this merchandise remained unsold. In addition 20% of the sole remains uncollected Required: Calculate the requested amounts to be reported on Paul's conso dated financial statements for the year ended December 3 2020 and enter your answer on the examination answer sheat. Consider transactions stated in the additional information Note; in questions 1 & 2 disregard intra entity transactions in inventory and fixed assets. Presented below are selected amounts from the separate unconsolidated financial statements of Paul Corp. and its 90%-owned subsidiary, Stan Co., at December 31, 2020. Paul Stan Selected income statement amounts $800,000 $660,000 Sales Cost of goods sold 500,000 300,000 Gain on sale of equipment 40,000 Equity in subsidiary net income Depreciation 30.000 20,000 Amortization 8,000 2,000 Selected balance sheet amounts Cash 60,000 20,000 Accounts receivable 80,000 90,000 Inventories 230,000 160,000 Patent (10 year remaining useful life) 80,000 18.000 Equipment 600.000 400.000 Accumulated depreciation (200,000) (100,000) Investment in Stan