NEU ACTG 324 Homework assignment 3: Intra-entity inventory sales Due date: See the announcement on the D2L Name: Note: This homework assignment accounts for 6 points. No point will be given when (1) it is past due. (2) lis incomplete, (3) no work is provided, or (4) most answer work is incorrect Points will be deducted if part of the answer/work provided is incorrect. Golden Inc. acquired 60% of Silver Co. on January 1, 2020. At the time of acquisition total excess fair value was attributed to customer base and amortized at a rate of $17.000 per year. During 2020, Golden sold goods with a cost of $ 442,000 to Silver for $680,000. Silver still owned 10% of the goods at the end of the 2020. In 2021. Golden sold goods with a cost of $600,000 to Silver for $800,000, and Silver still owned 35% of the goods at the end of 2021. In 2021, the companies had the following account balances: Golden Silver Sales 5,200,000 2,860,000 Cost of goods sold 3,100,000 1,560,000 Investment income Not given Net income Not given 1,300,000 Requirements: (a) Compute the consolidated sales for 2021. Answer. (b) Compute the consolidated cost of goods sold for 2021. Answer: (c) Compute the noncontrolling interest's share in Silver's income for 2027 Answer: (d) Assume that the intra-entity sales were upstream (.e. assume that it was Silver who sold inventory to Golden), compute the noncontrolling interest's share in Silver's income for 202