Protrade Corporation acquired $70$ percent of the outstanding voting stock of Seacraft Company on January $1,2023,$ for $$458,500$ in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $$655,000,$ and the fair value of the $30$ percent noncontrolling interest was $$196,500.$ No excess fair value over book value amortization accompanied the acquisition.

The following selected account balances are from the individual financial records of these two companies as of December $31,2024$:

Items Protrade Seacraft

Sales $ $770,000$ $ $490,000$

Cost of goods sold $355,000262,000$

Operating expenses $163,000118,000$

Retained earnings, $1/1/24870,000310,000$

Inventory $359,000123,000$

Buildings $($net$)371,000170,000$

Investment income Not given $0$

Each of the following problems is an independent situation:

Required:

a$.$Assume that Protrade sells Seacraft inventory at a markup equal to $60$ percent of cost$.$ Intra$-$entity transfers were $$103,000$ in $2023$ and $$123,000$ in $2024.$ Of this inventory, Seacraft retained and then sold $$41,000$ of the $2023$ transfers in $2024$ and held $$55,000$ of the $2023$ transfers until $2024.$

Determine balances for the following items that would appear on consolidated financial statements for $2024$:

Cost of Goods Sold

Inventory

Net Income Attributable to Noncontrolling Interest

b$.$Assume that Seacraft sells inventory to Protrade at a markup equal to $60$ percent of cost$.$ Intra$-$entity transfers were $$63,000$ in $2023$ and $$93,000$ in $2024.$ Of this inventory, $$34,000$ of the $2023$ transfers were retained and then sold by Protrade in $2024,$ whereas $$48,000$ of the $2024$ transfers were held until $2025.$

Determine balances for the following items that would appear on consolidated financial statements for $2024$:

Cost of Goods Sold

Inventory

Net Income Attributable to Noncontrolling Interest

c$.$ Protrade sells Seacraft a building on January $1,2023,$ for $$106,000,$

although its book value was only $$63,000$ on this date. The building

had a five$-$year remaining life and was to be depreciated using the

straight$-$line method with no salvage value.

Determine balances for the following items that would appear on

consolidated financial statements for $2024$ :

Buildings $($net$)$

Operating Expenses

Net Income Attributable to Noncontrolling Interest