Part II: Exercise Problems 2 points each. Please briefly write down problems, 29 steps on how to get the answers possible) 1. On 20x2, Platte Company purchased 9o percent of the common stock of River Company. The cost of the During 20x2, River sold inventory to Platte for S1,000,000. the inventory had inventory to River was S800,000. By the end of 20x2, 20% of during not been resold by Platte; that inventory was resold to unrelated parties 20x3. Both companies use perpetual inventory systems. The results of operations for the year 20x2 for the two companies are as follows: $1.750.000 20X2 operating income for Platte 20X2 net income for River Total Required (a) Give the entry needed in a three-part consolidation workpaper prepared at the end of 20x2 to eliminate the effects of the intercompany inventory transfer. (b.) Compute 20x2 consolidated net income. (c) Compute the amount of income assigned to the noncontrolling interest in 20x2. (d). Compute the amount of income assigned to the controlling interest in 20x2. Answers: (a) Elimination entry for intercompany inventory transfer, 20x2: Consolidated net income, 20x2