Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $540,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $675,000, and the fair value of the 20 percent noncontrolling interest was $135,000. 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	$	790,000		$	510,000
Cost of goods sold		365,000			272,000
Operating expenses		165,000			120,000
Retained earnings, 1/1/21		890,000			330,000
Inventory		361,000			125,000
Buildings (net)		373,000			172,000
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 $105,000 in 2020 and $125,000 in 2021. Of this inventory, Seacraft retained and then sold $43,000 of the 2020 transfers in 2021 and held $57,000 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 $65,000 in 2020 and $95,000 in 2021. Of this inventory, $36,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $50,000 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 $110,000, although its book value was only $65,000 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