Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1,...

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Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $500,500 In cash and other consideration. At the acquisition date, Protrade assessed Seacraft's Identifiable assets and liabilities at a collective net fair value of $715,000, and the fair value of the 30 percent noncontrolling Interest was $214,500. 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: Sales Cost of goods sold Operating expenses Retained earnings, 1/1/21 Inventory Buildings (net) Investment income Protrade Seacraft $830,000 $550,000 385,000 292,000 169,000 124,000 930,000 370,000 365,000 129,000 377,000 Not given 176,000 e Each of the following problems is an independent situation: a. Assume that Protrade sells Seacraft Inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $109,000 in 2020 and $129,000 in 2021. Of this Inventory, Seacraft retained and then sold $47,000 of the 2020 transfers in 2021 and held $61,000 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 $69,000 in 2020 and $99,000 in 2021. Of this inventory. $40,000 of the 2020 transfers were retained and then sold by Protrade in 2021. whereas $54,000 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 $118,000, although Its book value was only $69,000 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 Answer is not complete. a. Cost of goods sold $ 553,250 Inventory $ 471,125 Net income attributable to noncontrolling interest $ 40,200 b. Cost of goods sold $ 583,250 Inventory $ 473,750 C. Net income attributable to noncontrolling interest Buildings (net) Operating expenses $ 283,200 Net income attributable to noncontrolling interest $ 40,200 Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $500,500 In cash and other consideration. At the acquisition date, Protrade assessed Seacraft's Identifiable assets and liabilities at a collective net fair value of $715,000, and the fair value of the 30 percent noncontrolling Interest was $214,500. 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: Sales Cost of goods sold Operating expenses Retained earnings, 1/1/21 Inventory Buildings (net) Investment income Protrade Seacraft $830,000 $550,000 385,000 292,000 169,000 124,000 930,000 370,000 365,000 129,000 377,000 Not given 176,000 e Each of the following problems is an independent situation: a. Assume that Protrade sells Seacraft Inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $109,000 in 2020 and $129,000 in 2021. Of this Inventory, Seacraft retained and then sold $47,000 of the 2020 transfers in 2021 and held $61,000 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 $69,000 in 2020 and $99,000 in 2021. Of this inventory. $40,000 of the 2020 transfers were retained and then sold by Protrade in 2021. whereas $54,000 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 $118,000, although Its book value was only $69,000 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 Answer is not complete. a. Cost of goods sold $ 553,250 Inventory $ 471,125 Net income attributable to noncontrolling interest $ 40,200 b. Cost of goods sold $ 583,250 Inventory $ 473,750 C. Net income attributable to noncontrolling interest Buildings (net) Operating expenses $ 283,200 Net income attributable to noncontrolling interest $ 40,200