CAPELLA UNIVERSITY and the fair value of the 20 percent noncontrolling interest was $231,000 . No excess fair value over book value amortization accompanied the acquisition The following selected account balances are from the individual financial records of these two companies as of December 31, 2019 Panther Staffer Sales $1,408,000 $ 792,000 Cost of goods sold 638,000 433,400 Operating expenses 830,000 231,000 Retained earnings , 1/1/19 1,628,000 396,000 Inventory 761,200 242,000 Buildings (net ) 787,600 345,400 Investment income Not given -0- Each of the following problems is an independent situation Assume that Panther sells Staffer inventory at a markup equal to 40 percent of cost Intra - entity transfers were $198,000 in 2018 and $242,000 in 2019 . Of this inventory Staffer retained and then sold $61,600 of the 2018 transfers in 2019 and held $84,000 of the 2019 transfers until 2020 . On consolidated financial statements for 2019 , determine the balances that would appear for the following accounts Cost of Goods Sold Inventory Noncontrolling Interest in Subsidiary's Net Income b Assume that Staffer sells inventory to Panther at a markup equal to 40 percent of cost . Intra -entity transfers were $110,000 in 2018 and $176,000 in 2019 . Of this inventory , $46,200 of the 2018 transfers were retained and then sold by Panther in 2019 , whereas $77,000 of the 2019 transfers were held until 2020 . On consolidated financial statements for 2019 , determine the balances that would appear for the following accounts Cost of Goods Sold Inventory Noncontrolling Interest in Subsidiary's Net Income Panther sells Staffer a building on January 1, 2018 , for $176,000 , although its book value was only $110,000 on this date . The building had a five -year remaining life and was to be depreciated using the straight -line method with no salvage value Determine the balances that would appear on consolidated financial statements for 2019 for the following accounts Buildings (net ) Operating Expenses Noncontrolling Interest in Subsidiary's Net Income