Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $640,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7.000 per year Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $540,000. Scenic reported net income of $350,000. Placid Lake declared $170.000 in dividends during this period: Scenic paid $64,000. At the end of 2018, selected figures from the two companies' balance sheets were as follows: Inventory Land Equipment (net) Placid Lake $ 350,000 840,000 640,000 Scenic $ 114,000 440,000 $40,000 During 2017, intra entity sales of $195,000 (original cost of $90,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018. $330.000 in intra-entity sales were made with an original cost of $83,000. Of this merchandise. 40 percent had not been resold to outside parties by the end of the year Each of the following questions should be considered as an independent situation for the year 2018 a. What is consolidated net income for Placid Lake and its subsidiary? 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? d. 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 $54,000 to Placid Lake for $98,000. On the 2018 consolidated balance sheet, what value should be reported for land? 1. Assume that no intra entity inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenic sold equipment that originally cost $170,000 but had a $84,000 book value on that date) to Placid Lake for $118.000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018 consolidation of these two companies to eliminate the impact of the intra-entity transfer? 1-2. For 2018, what is the noncontrolling interest's share of Scenic's net income? Complete this question by entering your answers in the tabs below. Rega Red Band C Reaande Rea F1 ReqF1 ReqF2 For 2018, what is the noncontrolling interest's share of Scenic's net income? During 2017, intra-entity sales of $195,000 (original cost of $90,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, $330.000 in intra-entity sales were made with an original cost of $83.000. Of this merchandise, 40 percent had not been resold to outside parties by the end of the year. Each of the following questions should be considered as an independent situation for the year 2018 a. What is consolidated net income for Placid Lake and its subsidiary? 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? d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2017, Scenic sold land costing $54,000 to Placid Lake for $98.000. On the 2018 consolidated balance sheet, what value should be reported for land? 1-1. Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenic sold equipment (that originally cost $170,000 but had a $84,000 book value on that date) to Placid Lake for $118.000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018 consolidation of these two companies to eliminate the impact of the intra-entity transfer? 1-2 For 2018, what is the noncontrolling interest's share of Scenic's net income? Complete this question by entering your answers in the tabs below. ReqA ReqB and C Reg D and E Re F1 Reg F2 What is consolidated net income for Placid Lake and its subsidiary? Consolidated net income $ 889 200 Req B and C > Saved During 2017, intra-entity sales of $195,000 (original cost of $90,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018. $330,000 in intra-entity sales were made with an original cost of $83,000. Of this merchandise, 40 percent had not been resold to outside parties by the end of the year. Each of the following questions should be considered as an independent situation for the year 2018 a. What is consolidated net income for Placid Lake and its subsidiary? 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? d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2017, Scenic sold land costing $54,000 to Placid Lake for $98,000. On the 2018 consolidated balance sheet, what value should be reported for land? f-1. Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenic sold equipment (that originally cost $170,000 but had a $84,000 book value on that date) to Placid Lake for $118.000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018 consolidation of these two companies to eliminate the impact of the intra-entity transfer? f-2. For 2018, what is the noncontrolling interest's share of Scenic's net income? Complete this question by entering your answers in the tabs below. Reg A Red Band Reg D and E Re F1 Reg F2 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? Controlling Non-controlling b Show less Upstream Downstream Saved During 2017, Intra-entity sales of $195,000 (original cost of $90,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, 5330,000 in intra-entity sales were made with an original cost of $83.000. Of this merchandise, 40 percent had not been resold to outside parties by the end of the year Each of the following questions should be considered as an independent situation for the vear 2018 a. What is consolidated net income for Placid Lake and its subsidiary? 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? d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2017, Scenic sold land costing $54,000 to Placid Lake for $98,000. On the 2018 consolidated balance sheet, what value should be reported for land? 1-1. Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenic sold equipment (that originally cost $170,000 but had a $84.000 book value on that date) to Placid Lake for $118,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018, consolidation of these two companies to eliminate the impact of the intra-entity transfer? 1-2. For 2018, what is the noncontrolling interest's share of Scenic's net income? Complete this question by entering your answers in the tabs below. Reg A Reg B and C Reg D and E Reg F1 Reg F2 d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2017, Scenic sold land costing $54,000 to Placid Lake for $98.000. On the 2018 consolidated balance sheet, what value should be reported for land? d. Consolidated Inventory - Consolidated and balance Reg A Req B and C Reg D and E Req F1 Reg F2 Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2017, Scenic sold equipment (that originally cost $170,000 but had a $84,000 book value on that date) to Placid Lake for $118,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018, 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 NoteEnter debits before credits Transaction Accounts Credit Record entry Clear entry Www Condation entries Saved ReqA Reg B and C Reg D and E Reg F1 Reg F2 Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2017. Scenic sold equipment (that originally cost $170,000 but had a $84,000 book value on that date) to Placid Lake for $118,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018, 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.) eliminate the life of five : 584,000 book een Placid Labe alred" in the first cumpact of the intra-entituksheet entries are made view transaction list Show less Consolidation Worksheet Entries Prepare entry ED Note: Enter debts before credits Transaction Accounts Debit Credit Record entry Cherry view consolidation entries . During 2017, intra-entity sales of $195,000 (original cost of $90,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, $330,000 in intra-entity sales were made with an original cost of $83,000. Of this merchandise, 40 percent had not been resold to outside parties by the end of the year. Each of the following questions should be considered as an independent situation for the year 2018. a. What is consolidated net income for Placid Lake and its subsidiary? 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? d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic, Instead, in 2017, Scenic sold land costing $54,000 to Placid Lake for $98,000. On the 2018 consolidated balance sheet, what value should be reported for land? 1-1. Assume that no intra entity inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenic sold equipment (that originally cost $170.000 but had a $84,000 book value on that date) to Placid Lake for $118,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018, consolidation of these two companies to eliminate the impact of the intra-entity transfer? 1-2. For 2018, what is the noncontrolling interest's share of Scenic's net income? ng interest's share of Spact of the intra entity trances are made for a Dec Complete this question by entering your answers in the tabs below. Rega Reg B and C Reg D and E Red F1 Reg F2 For 2010, what is the noncontrolling interest's share of Scenic's net income? Net income atributable to noncontrolling interest $ 1,099.2001