#4

Paint Corporation owns 60 percent of Stain Company's shares. Partial 202 financlal data for the companles and consolidated entity were as follows: On January 1, 20X2. Paint's Inventory contained Items purchased from Stain for $75,000. The cost of the units to Stain was $50,000. All intercorporate sales during 202 were made by Stain to Paint. Required: 8. What amount of Intercorporate sales occurred in 202 ? b. How much unrealized Intercompany profit existed on January 1,202 ? On December 31,202 ? c. Prepare the worksheet consolidation entries relating to inventory and cost of goods sold needed to prepare consolidated financial statements for 202 Note: If no entry Is required for a transaction/event, select "No journal entry required" In the first account fleld. A Record the entry to eliminate the beginning inventory profit. B Record the entry to eliminate the intercompany inventory sale, Note : =journal entry has been entered If Staln reports net income of $90,000 for 202, what amount of Income is assigned to the noncontrolling interest in the 202 consolidated income statement