Several years ago Polar Inc. acquired an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values. Polars acquisition value corresponded to the underlying book value of Icecap so that no allocations or goodwill resulted from the transaction.

The following selected account balances were from the individual financial records of these two companies as of December 31, 2013:

polar Icecap

sales $896,000 $504,000

cost of goods sold 406,000 276,000

operating Expenses 210,000 147,000

retained earnings, 1/1/13 1,036,000 252,000

inventory 484,000 154,000

building (net) 501,000 220,00

investment income not given

Assume that Icecap sold inventory to Polar at a markup equal to 25% of cost. Intra-entity transfers were $70,000 in 2012 and $112,000 in 2013. Of this inventory, $29,000 of the 2012 transfers were retained and then sold by Polar in 2013, whereas $49,000 of the 2013 transfers were held until 2014.

Required:

For the consolidated financial statements for 2013, determine the balances that would appear for the following accounts: (1) Cost of Goods Sold, (2) Inventory, and (3) Non-controlling Interest in Subsidiary's Net Income.

thank you for help.