Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, 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, 2021:

	Protrade	Seacraft
Sales	$	760,000		$	480,000
Cost of goods sold		350,000			257,000
Operating expenses		162,000			117,000
Retained earnings, 1/1/21		860,000			300,000
Inventory		358,000			122,000
Buildings (net)		370,000			169,000
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 $102,000 in 2020 and $122,000 in 2021. Of this inventory, Seacraft retained and then sold $40,000 of the 2020 transfers in 2021 and held $54,000 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 $62,000 in 2020 and $92,000 in 2021. Of this inventory, $33,000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $47,000 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 $104,000, although its book value was only $62,000 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