Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $530,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $6,000 per year.

Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $430,000. Scenic reported net income of $240,000. Placid Lake declared $120,000 in dividends during this period; Scenic paid $53,000. At the end of 2018, selected figures from the two companies' balance sheets were as follows:

	Placid Lake			Scenic
Inventory	$	270,000		$	103,000
Land		730,000			330,000
Equipment (net)		530,000			430,000

During 2017, intra-entity sales of $140,000 (original cost of $68,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, $220,000 in intra-entity sales were made with an original cost of $72,000. Of this merchandise, 20 percent had not been resold to outside parties by the end of the year.

Question 1) If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? If the intra-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest?

What is the consolidated balance in the ending Inventory account?

Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2017, Scenic sold land costing $43,000 to Placid Lake for $76,000. On the 2018 consolidated balance sheet, what value should be reported for land?