On January 1, Year 2. PAT Ltd. acquired 90% of SAT Inc. when SAT's retained earnings were $1,200,000. There was no acquisition differential. PAT accounts for its investment under the cost method. SAT sells inventory to PAT on a regular basis at a markup of 30% of selling price. The intercompany sales were $180,000 in Year 2 and $210,000 in Year 3 . The total amount owing by PAT related to these intercompany sales was $80,000 at the end of Year 2 and $70,000 at the end of Year 3 . On January 1, Year 3, the inventory of PAT contained goods purchased from SAT amounting to $90,000. while the December 31 , Year 3 , inventory contained goods purchased from SAT amounting to $100,000. Both companies pay income tax at the rate of 40%. Selected account balances from the records of PAT and SAT for the year ended December 31 , Year 3 , were as follows: Required: (a) Determine the amount to report on the Year 3 consolidated financial statements for the selected accounts noted above. (Input all omounts as positive volues. Omit $ sign in your response.)