Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2014, when Scenic had a net book value of $610,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year.

Placid Lakes 2015 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $510,000. Scenic reported net income of $320,000. Placid Lake declared $200,000 in dividends during this period; Scenic paid $61,000. At the end of 2015, selected figures from the two companies balance sheets were as follows:

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 2014, Scenic sold land costing $51,000 to Placid Lake for $92,000. On the 2015 consolidated balance sheet, what value should be reported for land?

Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2014, Scenic sold equipment (that originally cost $200,000 but had a $81,000 book value on that date) to Placid Lake for $112,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2015, consolidation of these two companies to eliminate the impact of the intra-entity transfer