Protrade Corporation acquired $80$ percent of the outstanding voting stock of Seacraft Company on January $1,2020,$ for $$468,000$ in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $$585,000,$ and the fair value of the $20$ percent noncontrolling interest was $$117,000.$ 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 $ $700,000$ $ $420,000$

Cost of goods sold $320,000227,000$

Operating expenses $156,000111,000$

Retained earnings, $1/1/21800,000240,000$

Inventory $352,000116,000$

Buildings $($net$)364,000163,000$

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 $$96,000$ in $2020$ and $$116,000$ in $2021.$ Of this inventory, Seacraft retained and then sold $$34,000$ of the $2020$ transfers in $2021$ and held $$48,000$ 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 $$56,000$ in $2020$ and $$86,000$ in $2021.$ Of this inventory, $$27,000$ of the $2020$ transfers were retained and then sold by Protrade in $2021,$ whereas $$41,000$ 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 $$92,000,$ although its book value was only $$56,000$ 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