Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1,2020 , for $521,500 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $745,000, and the fair value of the 30 percent noncontrolling interest was $223,500. 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 31,2021: Each of the following problems is an independent situetion: a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $112,000 in 2020 and $132,000 in 2021. Of this inventory, Seacraft retained and then sold $50,000 of the 2020 transfers in 2021 and held $64,000 of the 2021 transfers until 2022. Determine balances for the following items that would appear on consolidated financial statements for 2021 : 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 $72,000 in 2020 and $102,000 in 2021 . Of this inventory, $43,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $57,000 of the 2021 transfers were held until 2022. Determine balances for the following items that would appear on consolidated financial statements for 2021: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest c. Protrade sells Seacraft a building on January 1, 2020 , for $124,000, although its book value was only $72,000 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 2021: Buildings (net) Operating Expenses Net Income Attributable to Noncontrolling Interest