1. i need help answering this question with Parts A and B there are two pictures attached
   

he Business Publishers ! ", All Rights Reserved | Terms of Use | Privacy Policy. | Return Policy, | User Guide | Browser Support O 3. Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2020, unconfirmed profits in inventories are as follows: Beginning Inventory Ending Inventory $25,000 5,000 Petersen $20,000 10,000 8,00 200 Seavoss Total upstream sales in 2020 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2020 was $100,000. owned by Seavoss. In addition, land was sold by Petersen to Seavoss several years ago at a gain of $7,500. The land is still Required 2020. a. Calculate Petersen's equity in net income for 2020 and the noncontrolling interest in net income for Total Equity in Net Noncontrolling Income Interest in Net 2020 Income 1,000,000 400,080 6 80 800b. Prepare the necessary consolidation working paper eliminations for 2020 related to the intercompany transactions (1 entries) described above. In addition, prepare the C (equity income) and N (noncontrolling interest in income) elimination entries. a price equal to book value, med profits in inventories are and Ending Inventory $25,000 8,000 sales were $600,000. Seavoss' reported incom rs ago at a gain of $7,500. The land is still interest in net income for controlling in Net