Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1,2020, for $542,500 in cash and other consideration. At the acquisition date. Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $775,000, and the fair value of the 30 percent noncontrolling interest was $232,500. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the indiMidual financial records of these two companies as of December 31,2021 . 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 $115,000 in 2020 and $135.000 in 2021. Of this inventory. Seacraft retained and then sold $53.000 of the 2020 transfers in 2021 and held $67,000 of the 2021 transfers until 2022. Determine balances for the following items that would appear on consolidated financial statements for 2021 : Cost of Goods Soid Inventory Net Income Attributable to Noncontroiling interest b. Assume that Seacraft selis inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers wore $75,000 in 2020 and $105,000 in 2021. Of this inventory, $46,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $60,000 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 Net income Atributable to Noncontroling Interest b. Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $75,000 in 2020 and $105,000 in 2021 . Or this inventory, $46,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $60,000 of the 2021 transfers were held unti 2022. Determine balances for the following items that would appear on consolidated financial statements for 202t: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest c. Protrade sells Seacraft a bullding on January 1, 2020, for $130,000, although its book value was only $75,000 on this date. The bullding had a flve-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: Bulidings (net) Operating Expenses Net Income Attributabie to Noncontrolling Interest