Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2023, for $516,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $645,000, and the fair value of the 20 percent noncontrolling interest was $129,000. 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, 2024: Items Sales Cost of goods sold Operating expenses Retained earnings, 1/1/24 Inventory Buildings (net) Investment income Protrade $ 760,000 350,000 Seacraft $ 480,000 257,000 162,000 117,000 860,000 300,000 358,000 122,000 370,000 169,000 Not given 0 Each of the following problems is an independent situation: Required: A a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $102,000 in 2023 and $122,000 in 2024. Of this inventory, Seacraft retained and then sold $40,000 of the 2023 transfers in 2024 and held $54,000 of the 2024 transfers until 2025. Determine balances for the following items that would appear on consolidated financial statements for 2024: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest b. Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $62,000 in 2023 and $92,000 in 2024. Of this inventory, $33,000 of the 2023 transfers were retained and then sold by Protrade in 2024, whereas $47,000 of the 2024 transfers were held until 2025.