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CoursHeroTranscribedText: Peel Company owns 90% of common stock of Seacore Company. Seacore Company sells inventory...

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CoursHeroTranscribedText: Peel Company owns 90% of common stock of Seacore Company. Seacore Company sells inventory to Peel Company at 20% above cost. During 2011 and 2012, such sales amounted to $436,000 and $532,000, respectively. At the end of each years, Peel Company had in its inventory one-fourth og the goods purchased from Seacore Company during that year. Peel Company reported $300,000 in net income from its independent operation in 2011 and 2012. Seacore Company reported net income of $130,000 in each year and did not declare any dividends in any year. There were no intercompany sales prior to 2011. Required: a. Prepare in general journal form all entries necessary on the consolidated financial statements workpaper to eliminate the effects of the intercompany sales for each of the years 201 and 2012. (nilai max. 10) b. Calculate the amount of noncontroling interest to be deducted from consolidated income in the consolidated income statement for 2012. (nilai max. 10) c. Calculate controlling interest in consolidated income for 2012. (nilai max. 10)

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