Pro-Form acquired 70 percent of Clip-Rite on June 30, 2017, for $910,000 in cash. Based on Clip-Rite's acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acquisition. The non-controlling interest fair value was assessed at $390,000 at the acquisition date. The 2018 financial statements are as follows:
Compute the balances in problem (28) again, assuming that all intra-entity transfers were made from Clip-Rite to Pro-Form.

Pro-Form sold Clip-Rite inventory costing $72,000 during the last six months of 2017 for $120,000. At year-end, 30 percent remained. Pro-Form sells Clip-Rite inventory costing $200,000 during 2018 for $250,000. At year-end, 10 percent is left. With these facts, determine the consolidated balances for the following:
Sales
Cost of Goods Sold
Operating Expenses
Dividend Income
Net Income Attributable to Non-controlling Interest
Inventory
Non-controlling Interest in Subsidiary, 12/31/18

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ProForm ClipRite $ (800,000) $(600,000) Sales Cost of goods sold Operating expenses - Dividend income .. 535,000 100,000 35,000) 400,000 100,000 Net income $ (200 $ (100 Retained earnings, 1/1/18 Net income Dividends declared $ (1,300,000) $ (850,000) (200,000) 100,000) 50,000 100,000 $ (1.400,000 $ Retained earnings, 12/31/18 $ 400,000 300,000 700,000 Cash and receivables Inventory Investment in ClipRite Fixed assets Accumulated depreciation 290,000 910,000 1,000,000 600,000 Totals $2,300,000 $1,400,000 Liabilities Common stock Retained earnings, 12/31/18 $ (600,000) (400,000) (300,000) 100,000) (1,400,000) (900,000) Totals $(1.400