On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $600,000. On January 1, Year 6, Pic Company acquired an additional 2,000 ordinary shares of Sic Company for $166,000. On January 1, Year 5, the shareholders€™ equity of Sic was as follows:
Ordinary shares (10,000 no par value shares issued)... $200,000
Retained earnings................ 300,000
......................... $500,000
The following are the statements of retained earnings for the two companies for Years 5 and 6:

Additional Information
€¢ Pic uses the cost method to account for its investment in Sic.
€¢ Any acquisition differential is allocated to customer contracts, which are expected to provide future benefits until December 31, Year 7. Neither company has any customer contracts recorded on their separate-entity records.
€¢ There were no unrealized profits from intercompany transactions since the date of acquisition.
Required:
(a) Calculate consolidated profit attributable to Pic€™s shareholders for Year 6.
(b) Calculate the following account balances for the consolidated statement of financial position at December 31, Year 6:
(i) Customer contracts
(ii) Non-controlling interest
(iii) Retained earnings

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Pic Sic Year 5Year 6 Year 5Year 6 Retained earnings, beginning of year $500,000 $530,000 $300,000 $310,000 Profit Dividends Retained earnings, end of year 130,000 140,000 100,000110,000 (100,000 120,000(90,000)(90,000) $530,000 $550,000 $310,000 $330,000