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Hello, can someone help me on the following question? Thank you! Exercise 2 Worksheet: Intra-Entity Transfer Account Balances On January 1, 2015, Panther Incorporated purchased

Hello, can someone help me on the following question? Thank you!

Exercise 2 Worksheet: Intra-Entity Transfer Account Balances
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.
Table 1: Account Balances for Year Ending December 31, 2016
Account Panther Staffer
Sales $ 1,280,000 $ 720,000
Cost of goods sold $ 580,000 $ 394,000
Operating expenses $ 300,000 $ 210,000
Retained earnings, January 1, 2016 $ 1,480,000 $ 360,000
Inventory $ 692,000 $ 220,000
Buildings (net) $ 716,000 $ 314,000
Investment income Not provided $ -
Compute selected balances based on the following intra-entity asset transfer scenario:
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 Staffers net income. You may use Table 2 below as a worksheet.
Table 2. Worksheet
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Consolidated Inventory Balance This cell intentionally left blank.
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Noncontrolling Interest in Staffers Net Income Balance This cell intentionally left blank.
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