Advanced Accounting I Chapter 6 Elimination of Unrealized Profit on Intercompany Sales of Inventory Problem Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2014, unconfirmed profits in inventories areas-follows: Petersen Seavoss $20,000 10,000 $25,000 8,000 Total upstream sales in 2014 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2014 was $100,000 a. Prepare the necessary consolidation working paper eliminations for 2014 b. Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales. c. Calculate the noncontrolling interest in consolidated net income for 2014, assuming the only intercompany eliminations are for merchandise sales Advanced Accounting I Chapter 6 Elimination of Unrealized Profit on Intercompany Sales of Inventory Problem Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2014, unconfirmed profits in inventories areas-follows: Petersen Seavoss $20,000 10,000 $25,000 8,000 Total upstream sales in 2014 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2014 was $100,000 a. Prepare the necessary consolidation working paper eliminations for 2014 b. Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales. c. Calculate the noncontrolling interest in consolidated net income for 2014, assuming the only intercompany eliminations are for merchandise sales