W Part2 Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc, on January 1, 2017, when Scenic had a net book value of $510,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $410,000. Scenic reported net income of $220,000. Placid Lake declared $100,000 in dividends during this period, Scenic paid $51.000. At the end of 2018, selected figures from the two companies' balance sheets were as follows: $250,000 710,000 $10,000 $10,000 310,000 During 2017 -entity sales of $00000 original cost of $64000) were made. Only 20 percent of this inventory was still hold within the consolidated entity at the end of 2017 in 2018, $200.000 in intra-entity sales were made with an original cost of $70.000. Of this merchandise, 30 percent had not been resold to outside parties by the end of the year Each of the following questions should be considered as an independent situation for the year 2018 What is consolidated net income for Placid Lake and its subsidiary? b. If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling here? c. the intro-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic Instead, in 2017, Scenic sold and costing $41000 to Placid Lake for $72.000. On the 2018 consolidated balance sheet what value should be reported for land? 1. Assume that no intra entity Inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenie sold equipment that originally cost $100,000 but had a $71,000 book value on that date to Placid Lake for $92,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018 consolidation of these two companies to eliminate the impact of the intra-entity transfer? 1-2. For 2018, what is the noncontrolling interest's share of Scenie's net income? Prey 1 of 1 Net W Part2 Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc, on January 1, 2017, when Scenic had a net book value of $510,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $410,000. Scenic reported net income of $220,000. Placid Lake declared $100,000 in dividends during this period, Scenic paid $51.000. At the end of 2018, selected figures from the two companies' balance sheets were as follows: $250,000 710,000 $10,000 $10,000 310,000 During 2017 -entity sales of $00000 original cost of $64000) were made. Only 20 percent of this inventory was still hold within the consolidated entity at the end of 2017 in 2018, $200.000 in intra-entity sales were made with an original cost of $70.000. Of this merchandise, 30 percent had not been resold to outside parties by the end of the year Each of the following questions should be considered as an independent situation for the year 2018 What is consolidated net income for Placid Lake and its subsidiary? b. If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling here? c. the intro-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? d. What is the consolidated balance in the ending Inventory account? e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic Instead, in 2017, Scenic sold and costing $41000 to Placid Lake for $72.000. On the 2018 consolidated balance sheet what value should be reported for land? 1. Assume that no intra entity Inventory or land sales occurred between Placid Lake and Scenic Instead, on January 1, 2017, Scenie sold equipment that originally cost $100,000 but had a $71,000 book value on that date to Placid Lake for $92,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2018 consolidation of these two companies to eliminate the impact of the intra-entity transfer? 1-2. For 2018, what is the noncontrolling interest's share of Scenie's net income? Prey 1 of 1 Net