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On January 1, 2015, Panther Incorporated purchased 80% of the Staffer Companys outstanding voting stock for $840,000 in cash and other considerations. On that date, Panther assessed the net fair value of Staffers identifiable liabilities and assets at $1,050,000. The 20% noncontrolling interest was assessed at a fair value of $210,000. Amortization of excess fair value over book value was not part of the acquisition. On December 31, 2016, each companys financial records included the account balances shown below in Table 1.

Assessment 2: Consolidations Exercise 2 Worksheet: Intra-Entity Transfer Account Balances On January 1, 2015, Panther Incorporated purchased 80% of the Staffer Company's outstanding voting stock for $840,000 in cash and other considerations. On that date, Panther assessed the net fair value of Staffer's identifiable liabilities and assets at $1,050,000. The 20% noncontrolling interest was assessed at a fair value of $210,000. Amortization of excess fair value over book value was not part of the acquisition. On December 31, 2016, each company's financial records included the account balances shown below in Table 1 Table 1: Account Balances for Year Ending December 31, 2016 Account Panther Staffer 1,280,000 S 720,000 Sales IS 580,000 394,000 Cost of goods sold IS 300,000 210,000 Operating expenses IS 1,480,000 360,000 Retained earnings, January 1, 2016 IS 692,000 220,000 Inventory RS 716,000 314,000 Buildings (net) Not provided Investment income Compute selected balances based on the followi ng three different intra-ent asset transfer scenarios 1. Assume Panther sells Staffer inventory at a markup that equals 40% of the cost. In 2015, intra-entity transfers were $180,000. In 2016, they were $220,000. Of the inventory, Staffer retained, then sold, $56,000 of the 2015 transfers in 2016 and held $84,000 of the 2016 transfers until 2017. Determine the account balances for the accounts shown below that will appear on 2016 consolidated financial statements Cost of goods sold Inventory Noncontrolling interest in Staffer's net income You may use Table 2 below as a worksheet