Several years ago Tyler Inc. acquired an 80% interest in Jasmine Co. The book values of Jasmine's asset and liability accounts at that time were considered to be equal to their fair values. Tylers acquisition value corresponded to the underlying book value of Jasmine 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 of December 31, 2018:

Tyler

Jasmine

Inc.

Co.

Sales

$ 896,000

$ 504,000

Cost of goods sol

d

406,000

276,000

Operating expenses

210,000

147,000

Retained earnings, 1/1/18

1,036,000

252,000

Inventory

484,000

154,000

Buildings (net)

501,000

220,000

Investment income

not given

Assume that Tyler sold inventory to Jasmine at a markup equal to 25% of cost. Intra-entity transfers were $130,000 in 2017 and $165,000 in 2018. Of this inventory, $39,000 of the 2017 transfers were retained and then sold by Jasmine 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:

1. Cost of Goods Sold

Ans: CGS: __________________

2. Inventory

Ans: Inventory:________________

3. Net income attributable to the noncontrolling interest.

Ans: NI attrb. To NCI_________________