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Parker Corporation owns 80 percent of Smith's common stock. During 2019, Parker sold Smith $750,000 of inventory on the same terms as sales made to third parties. Smith sold all of the inventory purchased from Parker in 2019. The following information pertains to Smith's and Parker's sales for 2019: Parker Smith Sales $3,000,000 $2,100,000 Cost of sales 1.200.000 1.050.000 $1,800,000 $1,050,000 What amount should Parker report as cost of sales in its 2019 consolidated income statement? O $2,040,000 $1,500,000 $1,290,000 $2,250,000 QUESTION 7 Adapted from Beams, et al. page 169]Pat Corporation owns 70% of Sue Company's common stock, acquired January 1, 2012. Patents from the investment are being amortized at the rate of $20,000 per year, Sue regularly sells merchandise to Pat at 150% of Sue's cost. Pat's December 31, 2012, and 2013, inventories include goods purchased intercompany of $112,500 and $33,000, respectively. The separate incomes (do not include investment income) of Pat and Sue for 2013 are summarized as follows: Sue Sales Pat $1,200,000 (600,000) $800,000 (500,000) Cost of sales Other expenses (400.000) (100.000) Separate incomes $200,000 $200,000 Total consolidated income should be allocated to controlling and noncontrolling interest shares in the amounts of $346,500 and 560,000, respectively $346,500 and $67,950, respectively $344.550 and 561,950, respectively $358.550 and 560.000, respectively Pan Corporation owns 75 percent of the voting common stock of Sat Corporation, acquired at book value during 2011. Selected information from the accounts of Pan and Sat for 2011 are as follows: Pan Sat Sales $1,800,000 $1,000,000 Cost of sales 980.000 380.000 During 2012 Pan sold merchandise to Sat for $100,000, at a gross profit to Pan of $40,000. Half of this merchandise remained in Sat's inventory at December 31, 2012. Sat's December 31, 2011, inventory included unrealized profit of $8,000 on goods acquired from Pan. In a consolidated income statement for Pan Corporation and Subsidiary for the year 2012, consolidated cost of sales should be: $1,360,000 $1,272,000 $1,372,000 $624,000 QUESTION 9 Pan Corporation owns 75 percent of the voting common stock of Sat Corporation, acquired at book value during 2011. Selected information from the accounts of Pan and Sat for 2011 are as follows: Pan Sat Sales $1,800,000 $1,000,000 Cost of sales 980.000 380.000 During 2012 Pan sold merchandise to Sat for $100,000, at a gross profit to Pan of $40,000. Half of this merchandise remained in Sat's inventory at December 31, 2012. Sat's December 31, 2011, inventory included unrealized profit of $8.000 on goods acquired from Pan. In a consolidated income statement for Pan Corporation and Subsidiary for the year 2012, consolidated sales should be: $2,900,000 $2,800,000 $2,725,000 $2,700,000 Blue Mountain, Inc. owns 40% of Grand Co. and applies the equity method. During the current year, Blue Mountain bought inventory costing $100,000 and then sold it to Grand for $150,000. At year-end, only 25% of the merchandise was still being held by Grand. What amount of intra entity inventory profit must be deferred by Blue Mountain? $37,500 $15,000 $12.500 $5,000 QUESTION 4 Per, Inc. owns 80% of Sen, Inc. During 2019, Per sold goods with a 40 percent gross profit to Sen. Sen sold all of these goods in 2019. There were no intercompany sales transactions in 2018. For 2019 consolidated financial statements, how should the summation of Per and Sen income statement items be adjusted sales and cost of goods sold should be reduced by Bo percent of the intercompany sales net income should be reduced by 80 percent of the gross profit on intercompany sales sales and cost of goods sold should be reduced by the intercompany sales no adjustment in necessary