Please answer the question ASAP with a brief explanation.Please bold answer in explanation c. Protrade sells Seacraft a bullding on January 1, 2020, for $124,000, although Its book value was only $72,000 on this date. Thebullding had a five-year remalning life and was to be depreciated using the stralght-line method with no salvage value.Determine balances for the following Items that would appear on consolidated financial statements for 2021:Buldings (net)Operating ExpensesNet Income Attributable to Noncontrolling InterestCost of goods soldInventoryNet income attributable to noncontrolling interestCost of goods soldb.InventoryNet income attributable to noncontrolling interestBuildings (net)Operating expensesC.Net income attributable to noncontrolling interest Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1. 2020, for $521,500 incash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilitles at a collective netfalr value of $745.000, and the fair value of the 30 percent noncontrolling Interest was $223,500. No excess fair value over book valueamortization accompanled the acquisition.The following selected account balances are from the Individual financial records of these two companies as of December 31, 2021:ProtradeSeacraft$ 868, 000 $ 58e,e00400, eee172, 00e960, 000SalesCost of goods soldOperating expensesRetained earnings, 1/1/21InventoryBuildings (net)Investnent income307,000127,000400,000368, 000380, 000Not given132,000179,000Each of the following problems is an independent situation:a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $112,000 in 2020and $132,000 in 2021. Of this Inventory, Seacraft retalned and then sold $50,000 of the 2020 transfers in 2021 and held $64,000 ofthe 2021 transfers until 2022.Determine balances for the following items that would appear on consolidated financial statements for 2021:Cost of Goods SoldInventoryNet Income Attributable to Noncontrolling Interestb. Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $72.000 in2020 and $102.000 in 2021. Of this inventory, $43.000 of the 2020 transfers were retained and then sold by Protrade In 2021,whereas $57,000 of the 2021 transfers were held until 2022Determine balances for the following items that would appear on consolidated financial statements for 2021:Cost of Goods SoldInventoryNet Income Attributable to Noncontrolling InterestC. Protrade sells Seacraft a bullding on January 1, 2020, for $124,000, although Its book value was only $72.,000 on this date. Thebulding had a five-year remalning life and was to be depreciated using the straight-line method with no salvage value.Determine balances for the following Items that would appear on consolidated financial statements for 2021:Buldings (net)Operating ExpensesNet Income Attributable to Noncontrolling Interest

Consolidated financial statements is prepared when the company acquires 50% or more the voting…

Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1. 2020, for $521,500 In cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $745.000, and the fair value of the 30 percent noncontrolling Interest was $223,500. No excess fair value over book value amortization accompanled the acquisition. The following selected account balances are from the Individual financial records of these two companles as of December 31, 2021t: Sales Cost of goods sold Operating expenses Retained earnings, 1/1/21 Inventory Buildings (net) Investnent income Protrade Seacraft $ B60, 000 $ 580,000 400, 000 307,000 127,000 960,000 400,000 132,000 179,000 172,000 368,000 380,000 Not given Each of the following problems Is an Independent situation: a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $112,000 in 2020 and $132.000 in 2021. Of this Inventory. Seacraft retained and then sold $50.000 of the 2020 transfers In 2021 and held $64,000 of the 2021 transfers until 2022 Determine balances for the following items that would appear on consolidated financial statements for 2021: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest b. Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $72.000 in 2020 and $102.000 in 2021. Of this Inventory. $43.000 of the 2020 transfers were retained and then sold by Protrade in 2021, whereas $57,000 of the 2021 transfers were held until 2022 Determine balances for the following items that would appear on consolidated financial statements for 2021: Cost of Goods Sold Inventory Net Income Attributable to Noncontrolling Interest c. Protrade sells Seacraft a bullding on January 1, 2020, for $124,000, although Its book value was only $72.000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value. Determine balances for the following items that would appear on consolidated financial statements for 2021: " Bulldings (net) Operating Expenses Net Income Attributable to Noncontrolling Interest