PPlacid Lake Corporation acquired $80$ percent of the outstanding voting stock of Scenic, Inc., on January $1,2020,$

when Scenic had a net book value of $$540,000.$ Any excess fair value was assigned to intangible assets and

amortized at a rate of $$7,000$ per year.

Placid Lake's $2021$ net income before consideration of its relationship with Scenic $($and before adjustments for

intra$-$entity sales$)$ was $$440,000.$ Scenic reported net income of $$250,000.$ Placid Lake declared $$130,000$ in

dividends during this period; Scenic paid $$54,000.$ At the end of $2021,$ selected figures from the two companies'

balance sheets were as follows:

During $2020,$ intra$-$entity sales of $$145,000($original cost of $$70,000)$ were made. Only $20$ percent of this inventory

was still held within the consolidated entity at the end of $2020.$ In $2021,$$$230,000$ in intra$-$entity sales were made

with an original cost of $$73,000.$ Of this merchandise, $30$ 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 $2021.$

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 $2020,$ Scenic

sold land costing $$44,000$ to Placid Lake for $$78,000.$ On the $2021$ 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 $1,2020,$ Scenic sold equipment $($that originally cost $$130,000$ but had a $$74,000$ book value on that

date$)$ to Placid Lake for $$98,000.$ 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?

f$-2.$ 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 $$130,000$ but had a $$74,000$ book value on that

date$)$ to Placid Lake for $$98,000.$ 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?