Panasonic Company acquired 80 percent ownership of National Corporation in 2007, underlying book value. On that date, the fair value of noncontrolling interest was equal to 20 percent of the book value of National Corporation. Panasonic purchased inventory from National for $80,000 on August 8, 2008, and resold 60 percent of the inventory to unaffiliated companies on December 1, 2008, for $90,000. National produced the inventory sold to Panasonic for $70,000. The companies had no other transactions during 2008. Based on the information given above, what amount of sales will be reported in the 2008 consolidated income statement? $90,000 $54,000 $80,000 $70,000 Based on the information given above, what amount of cost of goods sold will be reported in the 2008 consolidated income statement? $48,000 $80,000 $42,000 $70,000 Based on the information given above, the elimination entry for inventory account in 2008 consolidation workpaper? Debited by $4,000 Credited by $4,000 Debited by $10,000 Credited by $10,000 Based on the information given above, what amount of consolidated net income for 2008? $20,000 $52,000 $42,000 $48,000 Based on the information given above, what amount of income should be assigned to the non-controlling interest in 2008? $1, 200 $1, 800 $6,000 $8, 400