Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $612,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $765,000, and the fair value of the 20 percent noncontrolling interest was $153,000. 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 $ 880,000 $ 600,000

Cost of goods sold 410,000 317,000

Operating expenses 174,000 129,000

Retained earnings, 1/1/21 980,000 420,000

Inventory 370,000 134,000

Buildings (net) 382,000 181,000

Investment income Not given 0

Each of the following problems is an independent situation:

A. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $114,000 in 2020 and $134,000 in 2021. Of this inventory, Seacraft retained and then sold $52,000 of the 2020 transfers in 2021 and held $66,000 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

B. Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $74,000 in 2020 and $104,000 in 2021. Of this inventory, $45,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $59,000 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

C. Protrade sells Seacraft a building on January 1, 2020, for $128,000, although its book value was only $74,000 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