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P6-31 Intercorporate Transfer of Inventory Song Corporation was created on January 1,20X0, to develop computer software. On January I, 20X5, 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 31,20X, are as follows: During 20X9. Song produced inventory for $20,000 and sold it to Polka for $30,000. Polka resold 60 percent of the inventory in 20X9. 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 20X consolidated income statement? b. What inventory balance will be reported in the December 31.20X, consolidated balance sheet? c. What amount of income will be assigned to noncontrolling shareholders in the 20X9 consolidated income statement? d. What amount will be assigned to noncontrolling interest in the consolidated balance sheet prepared at December 31, 20X9? e. What amount of retained earnings will be reported in the consolidated balance sheet at December 31. 20X9? f. Give all consolidation entries required to prepare a three-part consolidation worksheet at December 31, 209. Note - No need to prepare a three-part consolidation worksheet. - Only the consolidation entries are required