Song Corporation was created on January 1,200, to develop computer software. On January 1,205, Polka Company purchased 90 percent of Song's common stock at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10 percent of Song's book value. Trial balances for Polka and Song on December 31, 20X9, are as follows: During 209, Song produced inventory for $20,000 and sold it to Polka for $30,000. Polka resold 60 percent of the inventory in 209. Also in 20X9, Polka sold inventory purchased from Song in 20X8. It had cost Song $60,000 to produce the inventory, and Polka purchased it for $75,000. Assume Polka uses the fully adjusted equity method. Required: a. What amount of cost of goods sold will be reported in the 209 consolidated income statement? b. What inventory balance will be reported in the December 31,209, consolidated balance sheet? c. What amount of income will be assigned to noncontrolling shareholders in the 209 consolidated income statement? d. What amount will be assigned to noncontrolling interest in the consolidated balance sheet prepared at December 31,209 ? e. What amount of retained earnings will be reported in the consolidated balance sheet at December 31,209 ? f. Prepare all consolidation entries required to prepare a three-part consolidation worksheet at December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidation Worksheet Entries A Record the basic consolidation entry. B Record the entry to reverse last year's deferral. C Record the deferral of this year's unrealized profits on inventory transfers. Note: Enter debits before credits. g. Prepare a three-part consolidation worksheet at December 31, 20X9. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one