Several years ago Polar Inc. acquired an 80% interest in .

Several years ago Polar Inc. acquired an 80% interest The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values. acquisition value corresponded to the underlying book value of Icecap so that no allocations or goodwill resulted from the transfer. The following selected account balances were from the individual financial records of these two companies as ofDecember 31, 2018: Sales Cost of goods sold Operating expenses Retained earnings, 1/1/18 Inventory Buildings (net) Investment mcome Polar Inc. s 896,000 406,000 210,000 484,000 501,000 not given Icecap s 504,000 276,000 147,000 252,000 154,000 220,000 Assume that Polar sold inventory to Icecap at a markup equal to 25% of cost Intra entity transfers were $130,000 in 2017 and $165,000 in 2018. Ofthis inventory, $39,000 of the 2017 transfers were retained and then sold by Icecap in 2018, while 55,000 of the 2018 transfers was held until 2019 Required: For the consolidated financial statements for 2018, determine the balances that would appear for the following accounts: (i) Cost of Goods Sold; (ii) Inventoor; and income attributable to the noncontrolling interest