On January 1, Jarel acquired 80 percent of the outstanding voting stock of Suarez for $260,000 cash consideration. The remaining 20 percent of Suarez had an acquisition-date fair value of $65,000. On January 1, Suarez possessed equipment (five-year remaining life) that was undervalued on its books by $25,000. Suarez also had developed several secret formulas that Jarel assessed at $50,000. These formulas, although not recorded on Suarezs financial records, were estimated to have a 20-year future life.

As of December 31, the financial statements appeared as follows:

ItemsJarelSuarezRevenues$ (300,000)$ (200,000)Cost of goods sold140,00080,000Expenses20,00010,000Net income$ (140,000)$ (110,000)Retained earnings, 1/1$ (300,000)$ (150,000)Net income(140,000)(110,000)Dividends declared00Retained earnings, 12/31$ (440,000)$ (260,000)Cash and receivables$ 210,000$ 90,000Inventory150,000110,000Investment in Suarez260,0000Equipment (net)440,000300,000Total assets$ 1,060,000$ 500,000Liabilities$ (420,000)$ (140,000)Common stock(200,000)(100,000)Retained earnings, 12/31(440,000)(260,000)Total liabilities and equities$ (1,060,000)$ (500,000)

Required:

Included in the preceding statements, Jarel sold inventory costing $80,000 to Suarez for $100,000. Of these goods, Suarez still owns 60 percent on December 31. Compute the following amounts for the December 31 consolidated financial statements for Jarel and Suarez.

Note: Input all amounts as positive value.

Consolidated Amountsa. Revenuesb. Cost of Goods Soldc. Expensesd. Noncontrolling interest appearing on the balance sheete. Equipment (net)f. Inventory