On January 1, Year 2, PAT Ltd, acquired 90% of SAT Inc. when SAT's retained eamings were $980,000. 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 $120,000 in Year 2 and $150,000 in Year 3 . The total amount owing by PAT related to these intercompany sales was $20,000 at the end of Year 2 and $10,000 at the end of Year 3. On January 1, Year 3, the inventory of PAT contained goods purchased from SAT amounting to $30,000, while the December 31 , Year 3 , inventory contained goods purchased from SAT amounting to $40,000. 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 amounts as positive values. Omit $ sign in your response.) (b) This part of the question is not part of your Connect assignment