Question

ProForm acquired 80 percent of ClipRite on June 30, 2020, for $1,280,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $560,000 was recognized and is being amortized at the rate of $14,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $320,000 at the acquisition date. The 2021 financial statements are as follows:

		ProForm				ClipRite
Sales	$	(980,000	)		$	(960,000	)
Cost of goods sold		625,000				490,000
Operating expenses		280,000				190,000
Dividend income		(80,000	)			0
Net income	$	(155,000	)		$	(280,000	)
Retained earnings, 1/1/21	$	(2,500,000	)		$	(1,030,000	)
Net income		(155,000	)			(280,000	)
Dividends declared		280,000				100,000
Retained earnings, 12/31/21	$	(2,375,000	)		$	(1,210,000	)
Cash and receivables	$	580,000			$	480,000
Inventory		470,000				880,000
Investment in ClipRite		1,280,000				0
Fixed assets		1,500,000				1,500,000
Accumulated depreciation		(400,000	)			(450,000	)
Totals	$	3,430,000			$	2,410,000
Liabilities	$	(555,000	)		$	(700,000	)
Common stock		(500,000	)			(500,000	)
Retained earnings, 12/31/21		(2,375,000	)			(1,210,000	)
Totals	$	(3,430,000	)		$	(2,410,000	)

(Note: Parentheses indicate a credit balance.)

ProForm sold ClipRite inventory costing $87,000 during the last six months of 2020 for $270,000. At year-end, 30 percent remained. ProForm sold ClipRite inventory costing $290,000 during 2021 for $430,000. At year-end, 10 percent is left.

Determine the consolidated balances for the following accounts: (Input all amounts as positive values.)

Sales
Cost of Goods Sold
Operating Expenses
Dividend Income
Net Income Attributable to Noncontrolling Interest
Inventory
Noncontrolling Interest in Subsidiary, 12/31/21

PLEASE HELP ME WITH INCORRECT QUESTION FOR Net Income Attributable to Noncontrolling Interest AND Noncontrolling Interest in Subsidiary, 12/31/21.

AGA Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/21 Consolidated Balance $ 1,510,000 $ 644,100 $ 484,000 $ 0 495,000 1,336,000 495,000 $ $ $

Answer 1

1 ( 53200 Answell o Working Notes Net Income attributable to non controlling interest clipuite's net income 980,000 Less: Amortizalien elintangible Cofh) 14000 Adjusted net income Abbooo Share ef'Non controlling interest 00 CQ66000x20:1) Net incane attulatable to NCT Non conduolling Interest in sulosidiasury 18/3\02. Retained caurings 91/21 (1,030,000X2010). commenstock (500,000¥2012) Net Income altuboetable to NCI · Unamestized intangible f5bg00o - 140009 X204 - 553.000x 2014 Dividend C160,000x201) 620000 Napuntrolling interest in 4419800 Subsidiary 10/31/2014 20booo 100000 5 3200 ALO60

(Note : Intangible amortized at the rate of 4000 per yeau, so we have to calculate 100 ) Ansuooou Iconsolidated Balance Net.income atteciletalde.to non controlling interest 53200 Nencontrelling interest in subsidiary 12/31/2010 449800 Please upvote
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