Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1, 2014, for $409,500 in cash and other consideration. At the acquisition date, Protrade assessed Seacrafts identifiable assets and liabilities at a collective net fair value of $685,000 and the fair value of the 30 percent noncontrolling interest was $175,500. 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, 2015:

	Protrade	Seacraft
Sales	$	800,000		$	520,000
Cost of goods sold		370,000			277,000
Operating expenses		166,000			121,000
Retained earnings, 1/1/15		900,000			340,000
Inventory		362,000			126,000
Buildings (net)		374,000			173,000
Investment income		Not given			0

Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $106,000 in 2014 and $126,000 in 2015. Of this inventory, Seacraft retained and then sold $44,000 of the 2014 transfers in 2015 and held $58,000 of the 2015 transfers until 2016. Determine balances for the following items that would appear on consolidated financial statements for 2015:

COGS Inventory

Net Income attributable to noncontrolling interest

Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $66,000 in 2014 and $96,000 in 2015. Of this inventory, $37,000 of the 2014 transfers were retained and then sold by Protrade in 2015, whereas $51,000 of the 2015 transfers were held until 2016. Determine balances for the following items that would appear on consolidated financial statements for 2015:

COGS Inventory

Net Income attributable to noncontrolling interest

Protrade sells Seacraft a building on January 1, 2014, for $112,000, although its book value was only $66,000 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 2015:

COGS Inventory

Net Income attributable to noncontrolling interest