1.Calculate the profit and loss resulting the sale of 1000 shares

2. Calculate the balance in the invesment account immediately after sale

3. Calculate the non - controlling interest in Dalton at December 31, 2015

Problem 3 22 On January 1, 2013 Davis acquired 7,000 shares of the 10,000 shares of Dalton for $850,000. Dalton's fair value was assessed at $1,200,000. Its book value on that date was $1,130,000. $70,000 of the excess was assigned to a patent with a 10 year remaining life. On January 1, 2015 Davis reported a $1,085,000 equity balance in the investment account. On October 1, 2015, Davis sold 1,000 shares of the investment for $200,000. On December 31, 2015, Dalton reported net income of $120,000 and declared dividends of $40,000. These amounts are assumed to have occurred evenly through-out the year. 1. Calculate the balance in the investment account as of September 30 2015. 2. Calculate the profit or loss resulting from the sale of the 1,000 shares 3. Calculate the balance in the investment in the investment account immediately after the sale. 4. Calculate the non-controlling interest in Dalton at December 31, 2015