Consolldatlon subsequent to date of acqulsltlon-upstream Intercompany Inventory sale- Equlty method with noncontrolllng Interest, AAP, and upstream Intercompany Inventory sale 31 points Assume that, on Jenuery 1, 2007, a perent compeny acquired an 80% interest in its subsidiary. The total fair velue of the controlling and noncontrolling interests wes 3550,000 overthe book value of the subsidiary's Stockholders' Equity on the acquisition date the zerent assigned the excess to the following [A] assets: [A1 Asset Goodwill Inltlal Falr Value 500,000 250,000 3550, ooo Life (years) Indefinite 80% of the Goodwill is elloceted to the parent. Assume thet the subsidiary sells inventory to the parent (upstream) which includes that inventory in products that it ultimately sells to customers outside of the controlled group. You have compiled the following data as of 2012 end 2013: Transfer price for inventory sale Cost of goods sold Gross p rofit % inventory remaining Gross profit deferred EOY receive ble/payable 3674, ooo (615,000) 359,000 SW 750 93,000 533,000 (653,000) 380,000 28,000 S105,ooo