Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $408,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $535,000 and the fair value of the 20 percent noncontrolling interest was $102,000. 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, 2018:

	Protrade			Seacraft
Sales	$	650,000		$	370,000
Cost of goods sold		295,000			202,000
Operating expenses		151,000			106,000
Retained earnings, 1/1/18		750,000			190,000
Inventory		347,000			111,000
Buildings (net)		359,000			158,000
Investment income	Not given			0

• Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $51,000 in 2017 and $81,000 in 2018. Of this inventory, $22,000 of the 2017 transfers were retained and then sold by Protrade in 2018, whereas $36,000 of the 2018 transfers were held until 2019. Determine balances for the following items that would appear on consolidated financial statements for 2018: Determine balances for the following items that would appear on consolidated financial statements for 2018:

Cost of goods sold

Inventory

Net income attributable to non-controlling interest