Protrade Corporation acquired $80$ percent of the outstanding voting stock of Seacraft Company on January $1,2020,$ for $$612,000$ in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $$765,000,$ and the fair value of the $20$ percent noncontrolling interest was $$153,000.$ 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 $31,2021$:

Protrade Seacraft

Sales $ $880,000$ $ $600,000$

Cost of goods sold $410,000317,000$

Operating expenses $174,000129,000$

Retained earnings, $1/1/21980,000420,000$

Inventory $370,000144,000$

Buildings $($net$)382,000181,000$

Investment income Not given $0$

Each of the following problems is an independent situation:

Assume that Protrade sells Seacraft inventory at a markup equal to $60$ percent of cost$.$ Intra$-$entity transfers were $$114,000$ in $2020$ and $$134,000$ in $2021.$ Of this inventory, Seacraft retained and then sold $$52,000$ of the $2020$ transfers in $2021$ and held $$66,000$ 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

Assume that Seacraft sells inventory to Protrade at a markup equal to $60$ percent of cost$.$ Intra$-$entity transfers were $$74,000$ in $2020$ and $$104,000$ in $2021.$ Of this inventory, $$45,000$ of the $2020$ transfers were retained and then sold by Protrade in $2021,$ whereas $$59,000$ 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

Protrade sells Seacraft a building on January $1,2020,$ for $$128,000,$ although its book value was only $$74,000$ 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

cost of Good

Inventory

Net income attributable

Buildings

operating expenses

Net income attributable