Prior$-$Period Inventory Profits

Power Products Corporation, which sells a broad line of home

detergent products, owns $75$ percent of the stock of Scrub Soap

Company. During $20$X$8,$ Scrub sold soap products to Power

Products for $$180,000,$ which it had produced for $$120,000.$ Power

Products sold $$150,000$ of its purchase from Scrub in $20$X$8$ and the

remainder in $20$X$9.$ In addition, Power Products purchased $$240,000$

of inventory from Scrub in $20$X$9$ and resold $$90,000$ of the items

before year$-$end. Scrub's cost to produce the items sold to Power

Products in $20x9$ was $$160,000.$

Required

a$.$ Give all worksheet consolidation entries needed for December

$31,20x9,$ to remove the effects of the intercompany inventory

transfers in $20$X$8$ and $20$X$9.$

b$.$ Compute the amount of income assigned to noncontrolling

shareholders in the $20$X$8$ and $20$X$9$ consolidated income

statements if Scrub reported net income of $$350,000$ for

$20x8$ and $$420,000$ for $20x9.$