In preparing its consolidated financial statements at December 31, 20X7, the following consolidation entries were included in the consolidation worksheet of Powder Corporation:

Consolidation Worksheet Entries Debit Credit

Buildings 245,000

Gain on Sale of Building 49,000

Accumulated Depreciation 294,000

Consolidation Worksheet Entries Debit Credit

Accumulated Depreciation 3,500

Depreciation Expense 3,500

Powder owns 60 percent of Snow Corporations voting common stock. On January 1, 20X7, Snow sold Powder a building it had purchased for $1,035,000

on January 1, 20X1, and depreciated on a 20-year straight-line basis. Powder recorded depreciation for 20X7 using straight-line depreciation and the same

useful life and residual value as Snow.

What amount did Powder pay Snow for the building? Amount Paid =790,000

B.. What amount of accumulated depreciation did Snow report at January 1, 20X7, prior to the sale? 294,000

C What annual depreciation expense did Snow record prior to the sale? I don't know

D What expected residual value did Snow use in computing its annual depreciation expense? I DONT KNOW

E.What amount of depreciation expense did Powder record in 20X7? I don't know

F.If Snow reported net income of $70,000 for 20X7, what amount of income will be assigned to the noncontrolling interest in the consolidated income statement for 20X7? I don't know

G.If Snow reported net income of $56,000 for 20X8, what amount of income will be assigned to the noncontrolling interest in the consolidated income statement for 20X8? I don't know