In preparing its consolidated financial statements at December 31, 20X7, the following consolidation entries were included in the consolidation worksheet of Powder Corporation: Credit Consolidation Worksheet Entries Buildings Gain on Sale of Building Accumulated Depreciation Debit 105,000 21,000 126,000 Credit Consolidation Worksheet Entries Accumulated Depreciation Depreciation Expense Debit 1,500 1,500 Powder owns 60 percent of Snow Corporation's voting common stock. On January 1, 20X7, Snow sold Powder a building it had purchased for $500,000 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. Required: a. What amount did Powder pay Snow for the building? Amount paid b. What amount of accumulated depreciation did Snow report at January 1, 20X7, prior to the sale? Accumulated depreciation c. What annual depreciation expense did Snow record prior to the sale? Annual depreciation expense d. What expected residual value did Snow use in computing its annual depreciation expense? Expected residual value e. What amount of depreciation expense did Powder record in 20X7? Depreciation expense f. If Snow reported net income of $76,000 for 20X7, what amount of income will be assigned to the noncontrolling interest in the consolidated income statement for 20X7? Income assigned to noncontrolling interest g. If Snow reported net income of $61,000 for 20x8, what amount of income will be assigned to the noncontrolling interest in the consolidated income statement for 20X8? Income assigned to noncontrolling Interest