Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1,2020 , for $468,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $585,000, and the fair value of the 20 percent noncontrolling interest was $117,000. 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 : 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 $96,000 in 2020 and $116,000 in 2021. Of this inventory, Seacraft retained and then sold $34,000 of the 2020 transfers in 2021 and held $48,000 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 $56,000 in 2020 and $86,000 in 2021 . Of this inventory, $27,000 of the 2020 transfers were retained and then sold by Protrade in 2021 , whereas $41,000 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 $92,000, although its book value was only $56,000 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 Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1,2020 , for $468,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $585,000, and the fair value of the 20 percent noncontrolling interest was $117,000. 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 : 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 $96,000 in 2020 and $116,000 in 2021. Of this inventory, Seacraft retained and then sold $34,000 of the 2020 transfers in 2021 and held $48,000 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 $56,000 in 2020 and $86,000 in 2021 . Of this inventory, $27,000 of the 2020 transfers were retained and then sold by Protrade in 2021 , whereas $41,000 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 $92,000, although its book value was only $56,000 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