Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $560,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $460,000. Scenic reported net income of $270,000. Placid Lake declared $150,000 in dividends during this period; Scenic paid $56,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Inventory Land Equipment (net) Placid Lake $ 300,000 760,000 560,000 Scenic $ 106,000 360,000 460,000 During 2020, intra-entity sales of $155,000 (original cost of $74,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $250,000 in intra-entity sales were made with an original cost of $75,000. Of this merchandise, 20 percent had not been resold to outside parties by the end of the year. b. If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? c. If the intra-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? Show less A Controlling Interest Non-controlling Interest b. Upstream c. Downstream Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2020, Scenic sold equipment (that originally cost $150,000 but had a $76,000 book value on that date) to Placid Lake for $102,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2021, consolidation of these two companies to eliminate the impact of the intra-entity transfer? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less view transaction list Consolidation Worksheet Entries Prepare entry *TA Note: Enter debits before credits. Transaction Accounts Debit Credit 1 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry ED Note: Enter debits before credits. Transaction Accounts Debit Credit 2 Record entry Clear entry view consolidation entries Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2020, Scenic sold equipment (that originally cost $150,000 but had a $76,000 book value on that date) to Placid Lake for $102,000. At the time of sale, the equipment had a remaining useful life of five years. For 2021, what is the noncontrolling interest's share of Scenic's net income? Net income attributable to noncontrolling interest