18. Placid Lake Corporation acquired 80 percent of the ontstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $400,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $5,000 per year Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $300,000. Scenic reported net income of $110,000 Placid Lake declared $100,000 in dividends during this period; Scenic paid $40,000. At the end of 2018, selected figures from the two companies' balance sheets were as follows: Placid Lake $140,000 600,000 400,000 Scenic $ 90,000 200,000 300,000 Inventory Land Equipment (net During 2017, intra-entity sales of $90,000 (original cost of $54,000) were made. Only 20 per- cent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, $120,000 in intra-entity sales were made with an original cost of $66,000. Of this merchandise, 30 percent had not been resold to outside parties by the end of the year. 2018. b. If the intra-entity sales were upstream, how would consolidated net income be allocated to the c./If the intra-entity sales were downstream, how would consolidated net income be allocated to d. What is the consolidated balance in the ending Inventory account? Each of the following questions should be considered as an independent situation for the year What is consolidated net income for Placid Lake and its subsidiary? controlling and noncontrolling interest? the controlling and noncontrolling interest?
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