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Paint Corporation owns 60 percent of Stain Company's shares. Partial 202 financial data for the companies and consolidated entity were as foliows: On January 1,202.

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Paint Corporation owns 60 percent of Stain Company's shares. Partial 202 financial data for the companies and consolidated entity were as foliows: On January 1,202. Paint's inventory contained items purchased from Stain for $75,000. The cost of the units to $ tain was $50,000 All intercorporate sales during 202 were made by Stain to Paint Required: a. What amount of intercorporate sales occurred in 202 ? b. How much unrealized intercompany profic existed on January 1,202? On December 31,202 ? Prepare the worksheet consolidation entries relating to inventory and cost of goods sold needed to prepare consolidated financial statements for 202. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleid. Consolidation Worksheet Entries Record the entry to eliminate the beginning inventory profit. Nute tinter debitu belore credits c. Prepare the worksheet consolidation entries relating to inventory and cost of goods sold needed to prepare consolidated financial statements for 202 Note: If no entry is required for a transactionievent, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the entry to eliminate the intercompany inventory sale. Note: Enter debits before credies. d. If Stain reports net income of $90.000 for 202. what amount of income is assigned to the noncontrolling interest in the 202 consolidated income statement

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