ProForm acquired 60 percent of ClipRite on June 30, 2017, for $840,000 in cash. Based on ClipRite

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

ProForm acquired 60 percent of ClipRite on June 30, 2017, for $840,000 in cash. Based on ClipRite's acquisition date fair value, an unrecorded Intangible of $700,000 was recognized and is being amortized at the rate of $12,000 per year. No goodwill was recognized in the acquisition. The noncontrolling Interest fair value was assessed at $560,000 at the acquisition date. The 2018 financial statements are as follows: $ ProForm $ (960,600) 615,000 260,000 (48,eee) $ (133,880) $ 2,000,000) (133,000) 260, eee $(1,873,000) clipRite (920,000) 480,000 180,000 e (260,000) $ $ (1,010,000) (260.000) 80, eee $ (1,198,eee) Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in clipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/18 Totals $ 460,000 860,000 560,000 450,000 848,888 1,300,000 (200,000) $ 2,950,00 $ (777,000) (380,000) (1,873,000) $(2,950,60e) 1,480,000 (350,000) $ 2,370, $ (880,) (309,bee) (1,190,60e) $ (2, 370,000) ProForm sold ClipRite Inventory costing $85,000 during the last six months of 2017 for $250,000. At year-end, 30 percent remained. ProForm sells ClipRite Inventory costing $280,000 during 2018 for $410,000. At year-end, 10 percent is left. Determine the consolidated balances for the following accounts: Consolidated Balance Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary. 12/31/18