Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $532,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $665,000, and the fair value of the 20 percent noncontrolling interest was $133,000. 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	$	780,000		$	500,000
Cost of goods sold		360,000			267,000
Operating expenses		164,000			119,000
Retained earnings, 1/1/21		880,000			320,000
Inventory		360,000			124,000
Buildings (net)		372,000			171,000
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 40 percent of cost. Intra-entity transfers were $104,000 in 2020 and $124,000 in 2021. Of this inventory, Seacraft retained and then sold $42,000 of the 2020 transfers in 2021 and held $56,000 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 40 percent of cost. Intra-entity transfers were $64,000 in 2020 and $94,000 in 2021. Of this inventory, $35,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $49,000 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 $108,000, although its book value was only $64,000 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