Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $409,500 In cash and other conslderation. At the acqulsition date, Protrade assessed Seacraft's Identifiable assets and llabilities at a collective net falr value of $685,000 and the falr value of the 30 percent noncontrolling Interest was $175,500. No excess falr value over book value amortization accompanled the acquisition The following selected account balances are from the Individual financlal records of these two companies as of December 31, 2018 Sales Cost of goods sold Operating expenses Retained earnings, 1/1/18 Inventory Buildings (net) Investment income Protrade Seacraft $ 800,0ee 520,9ee 370,00 277,9ee 121,0e0 90, 340,9ee 126,00e 374,900 173,98e 166,00e 362,e8 Not given Each of the following problems is an Independent sltuation: a. Assume that Protrade sells Seacraft Inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $106,000 In 2017 and $126,000 In 2018. Of this Inventory, Seacraft retained and then sold $44,000 of the 2017 transfers In 2018 and held $58,000 of the 2018 transfers until 2019 Determine balances for the following items that would appear on consolidated financlal statements for 2018 b. Assume that Seacraft sells Inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $66,000 In 2017 and $96,000 In 2018. Of this Inventory, $37,000 of the 2017 transfers were retalned and then sold by Protrade In 2018, whereas $51,000 of the 2018 transfers were held until 2019 Determine balances for the following items that would appear on consolidated financlal statements for 2018 c. Protrade sells Seacraft a bullding on January 1, 2017, for $112,000, although its book value was only $66,000 on ths date. The building had a five-year remaining life and was to be depreclated using the stralght-line method with no salvage value Determine balances for the following Items that would appear on consolidated financlal statements for 2018 a. Cost of goods sold Inventory Net income attributable to noncontrolling interest b. Cost of goods sold Inventory Net income attributable to noncontrolling interest C. Buildings (net) Operating expenses Net income attributable to noncontrolling interest