Problem 3 (6 questions Questions 16-21 pertain to the following: On January 1 2021, Pride, Inc. bought 80% of the outstanding voting common stock of Strong Corp. for customer list worth $35,000 unrecorded on its accounting records and having a five year remaining life. $364,000 In allocating the fair value at the acquisition date, Pride noted that Strong having developed a Any remaining excess was attributable to goodwill which has not been impaired. As of December 31,2021, before preparing the consolidated worksheet, the financial statements appeared as follows: Revenues Cost of goods sold Operating expenses Strong Corg. Dr cr $280,000 7,000 Pride, Inc.. $ 420,000 (196,000) (112,000) (28,000) (14.000) $ 196 000 $154.000 Net income Retained earnings, 1/1/21 $420,000 $210,000 Net income (above) 196,000 154,000 Dividends paid Retained earnings, 12/31/21 $ 616.000 $364.000 Cash and receivables Inventory $294,000 $126,000 210,000 154,000 Investment in Strong Corp 364,000 0 Equipment (net) Total assets Liabilities 616,000 420,000 $1.484.000 00.000 $ 588,000 $196,000 Common stock Retained earnings, 12/31/21 (above) Total liabilities and stockholders' equity 280,000 140,000 616,000 364.000 $1.484.000 $700.000 7,000 During 2021, Strong bought inventory for $60,000 and sold it to Pride for $100,000. Only half of this purchase had been paid for by Pride by the end of the year. 20% of these goods were still in the company's possession on December 31. Required: Compute the amounts requested and enter your answer on the examination answer sheet.. 16. What is the amount of consolidated expenses? 35,000 17. What is the total of consolidated cost of goods sold? 18. What is the amount for consolidated inventory? 308,000 19. What is amount of consolidated revenues 193,000 20. What is the amount of the noncontrolling interest in the subsidiary net income? 21. What is the amount of consolidated liabilities? 30800