(1) it Note: This homework assignment accounts for 5 points. No point will be given when is incomplete, (2) it is past due, (3) no work is provided, or (4) most answer/work is incorrect. Points will be deducted if part of the answer/work provided is incorrect. Turbo Inc. acquired 60% of Sugarland Co. on January 1, 2017, At the time of acquisition, total excess fair value was attributed to customer base and amortized at a rate of $25,000 per year. During 2017, Turbo sold goods with a cost of $476,000 to Sugarland for $680,000 Sugarland still owned 10% of the goods at the end of the year. In 2018, Turbo sold goods with a cost of $800,000 to Sugarland for $1,000,000, and Sugarland still owned 23% of the goods at year-end. For 2018, the companies had the following account balances: Sales Cost of goods sold Investment income Net income Turbo 4,000,000 2,700,000 Not given Not given Sugarland 2,880,000 1,680,000 1,200,000 (a) Compute the consolidated sales for 2018 Answer: (b) Compute the consolidated cost of goods sold for 2018. Answer (c) Compute the noncontrolling interest's share in Sugarland's income for 2018. Answer (d) Assume that the intra-entity sales were upstream (i.e. assume that it was Sugarland who sold inventory to Turbo), compute the noncontrolling interest's share in Sugarland's income for 2018