Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $640,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $540,000. Scenic reported net income of $350,000. Placid Lake declared $170,000 in dividends during this period; Scenic paid $64,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Corporation Scenic, Inc.
Inventory $350,000 $111,000
Land 810,000 410,000
Equipment (net) 610,000 510,000

During 2019, intra-entity sales of $180,000 (original cost of $84,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2019. In 2020, $300,000 in intra-entity sales were made with an original cost of $80,000. Of this merchandise, 40 percent had not been resold to outside parties by the end of the year.

Required:
a. What is consolidated net income for Placid Lake and its subsidiary?
b. If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest?
c. If the intra-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest?
d. What is the consolidated balance in the ending Inventory account?