There are 3 question that I cannot figure out, please help.

1. Computing the noncontrolling interests equity balance Assume the following facts relating to an 75% owned subsidiary company: BOY stockholders' equity $880,000 BOY AAP assets 96,000 Net income of subsidiary (not including [A] asset depreciation and amortization) 200,000 AAP assets depreciation and amortization expense 32,000 Dividends declared and paid by subsidiary 16,000 a. Compute the net income attributable to noncontrolling interests for the year. 42,000 b. Compute the amount reported as noncontrolling equity at the end of the year. Not 258K.. what is the amount for it. 2. Consolidation worksheet for gain on constructive retirement of subsidiary's debt with no AAPEquity method Assume that a Parent company acquires a 90% interest in its Subsidiary on January 1, 2012. On the date of acquisition, the fair value of the 90 percent controlling interest was $720,000 and the fair value of the 10 percent noncontrolling interest was $80,000. On January 1, 2012, the book value of net assets equaled $800,000 and the fair value of the identifiable net assets equaled the book value of identifiable net assets (i.e., there was no AAP or Goodwill). On December 31, 2013, the Subsidiary company issued $750,000 (face) 7 percent, five-year bonds to an unaffiliated company for $814,942 (i.e., the bonds had an effective yield of 5 percent). The bonds pay interest annually on December 31, and the bond premium is amortized using the straight-line method. This results in annual bond-payable premium amortization equal to $12,988 per year. On December 31, 2015, the Parent paid $730,672 to purchase all of the outstanding Subsidiary company bonds (i.e., the bonds had an effective yield of 8 percent). The bond discount is amortized using the straight-line method, which results in annual bond-investment discount amortization equal to $6,443 per year. The Parent and the Subsidiary report the following financial statements for the year ended December 31, 2016: Parent Paren t Subsidiary Income statement Sales Balance sheet $6,500,000 $800,000 Assets Subsidiary Parent Paren t Subsidiary (4,750,000) (520,000) Cost of goods sold Subsidiary Cash $775,000 $500,000 1,750,000 280,000 Accounts receivable 1,125,000 650,000 Equity income 35,008 Inventory 1,150,000 843,465 Bond interest income 58,943 PPE, net 6,813,500 1,250,000 884,402 737,114 Gross profit Bond interest expense (39,512) (1,150,000) (180,000) Operating expenses $693,951 Net income Equity investment Investment in bonds $11,485,01 $3,243,465 6 $60,488 Statement of retained earnings Liabilities and stockholders' equity BOY retained earnings Net income Dividends Ending retained earnings $3,500,000 $225,000 Accounts payable $750,000 $478,000 693,951 60,488 Current liabilities 1,000,000 600,000 (185,000) (20,000) 775,977 $4,008,951 $265,488 Longterm liabilities 1,113,065 450,000 Common stock 1,053,000 149,000 APIC 3,560,000 525,000 4,008,951 265,488 11,485,016 3,243,465 Bonds payable Retained earnings The parent uses the equity method of pre-consolidation investment bookkeeping. Provide the consolidation entries and prepare a consolidation worksheet for the year ended December 31, 2016. Round answers to the nearest whole number. Consolidation Journal [C] Description Debit Credit Equity income Answe Answer r Consolidation Journal Description Debit Credit Answer Answer Answe Answer r Answe Answer r Answe Answer r Investment in Subsidiary Answe Answer r Noncontrolling Interest Answe Answer r [E] Common Stock (Subsidiary) Answe Answer r APIC (Subsidiary) Answer Answer Answe Answer r Answe Answer r Consolidation Journal Description Debit Credit Answer Noncontrolling interest Answe Answer r [Ibond] Bond payable (net) Answe Answer r Answer Answe Answer r Answer Answe Answer r Interest expense Answe Answer r Investment in Subsidiary Use negative signs with your answers in the Consolidated column for: Cost of goods sold, all expenses (inc. Total expenses), Income attributable to NCI and Dividends. Consolidation Worksheet Parent Subsidiary Debit Credit Consolidated Income Statement $Answer Sales $6,500,000 $800,000 Cost of goods sold (4,750,000) (520,000) Answer Consolidation Worksheet Parent Subsidiary Debit Credit Consolidated Answer Gross profit 1,750,000 280,000 Answer Operating expenses (1,150,000) (180,000) Bond interest income Bond interest expense 58,943 [Ibon d] Answer Answer Answer Answer (39,512) [Ibon d] Answer Total expenses (1,091,057) (219,512) Equity Income from Subsidiary Consolidate d Net Income Income attributable to NCI Income attributable to Control Int 35,008 [C] Answer Answer Answer 693,951 60,488 Answer [C] Answer $Answer $693,951 $60,488 Retained Earnings Statement Beg. Ret. Earnings $3,500,000 $225,000 [E] Answer Answer Consolidation Worksheet Parent Subsidiary Debit Credit Consolidated Income attributable to Control Int Answer 693,951 60,488 Answer Dividends Declared Answer [C] (185,000) (20,000) $Answer Ending Retained Earnings $4,008,951 $265,488 Balance Sheet Answer Cash $775,000 $500,000 Answer Accounts receivable 1,125,000 650,000 Answer Inventories 1,150,000 843,465 Property, Plant & Equipment, net Investment in Subsidiary Answer 6,813,500 1,250,000 Answer 884,402 [C] Answer [E] Answer [Ibon d] Answer Consolidation Worksheet Parent Subsidiary Debit Credit Consolidated Answer Investment in Bond (net) 737,114 [Ibon d] Answer $Answer Total Assets $11,485,016 $3,243,465 Answer Accounts Payable $750,000 $478,000 Other current liabilities Answer 1,000,000 600,000 Answer Bond Payable (net) 775,977 [Ibon d] Answer Answer Longterm liabilities 1,113,065 450,000 Common Stock APIC 1,053,000 3,560,000 149,000 525,000 Answer Answer Answer Answer [E] [E] Answer Retained Earnings 4,008,951 265,488 Answer Noncontrolling Interest Answer [C] Answer [E] Consolidation Worksheet Parent Subsidiary Debit Credit Consolidated Total Liabilities and Equity $11,485,016 $3,243,465 $Answer $Answe r $Answer 3. Use of futures contracts to hedge cotton inventoryfair value hedge On December 1, 2014, a cotton wholesaler purchases 7 million pounds of cotton inventory at an average cost of 75 cents per pound. To protect the inventory from a possible decline in cotton prices, the company sells cotton futures contracts for 7 million pounds at 66 cents a pound for delivery on June 1, 2015, to coincide with its expected physical sale of its cotton inventory. The company designates the hedge as a fair value hedge (i.e., the company is hedging changes in the inventory's fair value, not changes in cash flows from anticipated sales). The cotton spot price on December 1 is 74 cents per pound. On December 31, 2014, the company's fiscal year-end, the June cotton futures price has fallen to 56 cents a pound, and the spot price has fallen to 65 cents a pound. On June 1, 2015, the company closes out its futures contracts by entering into an offsetting contract in which it agrees to buy June 2015 cotton futures contracts at 47 cents a pound, the spot rate on that date. Finally, the company sells its cotton for $0.47 per pound on June 1, 2015. Following are futures and spot prices for the relevant dates: Date Spo Futures t December 1, 2014 74 66 December 31, 2014 65 56 June 1, 2015 47 n/a The question is Sale of cotton on June 1? 6/1/15 account receivable 3290K COGS ? Cotton sales 3290K Cotton inventory