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P Company acquired 75 percent of S Company on January 1, 2018 at book value. During 2018, S purchased inventory for $40,000 and sold it to P for $60,000. Of this amount, P reported $12,000 in ending inventory in 2018 and later sold it in 2019. In 2019, P sold inventory it had purchased for $35,000 to S for $50,000. S sold $45,000 of this inventory in 2019. In 2019, P reported stand-alone income of $870,000 and S reported total net income of $218,000. P uses fully adjusted equity method.
Required:
Question 1) Prepare the consolidation entries that related to intercompany sale of inventory for 2018.
Question 2) Prepare the consolidation entries that related to intercompany sale of inventory for 2019.
Question 3) Calculated consolidated net income AND income assigned to controlling shareholders in 2019.
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