A Company owns 75% of B Company and 40% of C Company. B Company owns 40% of C Company. The following information was assembled at December 31, Year 7. Cash Accounts receivable Inventory Investment in C Investment in B Property, plant, and equipment Accumulated depreciation Accounts payable Bonds payable Preferred shares Common shares Retained earnings, January 1 Net income Dividends $ A Company 119,800 240,000 317,000 74,800 B Company $ 51,300 140,000 246,000 116,800 C Company $ 22,000 64,000 78,000 1,627,050 3,700,000 (920,000) 3,000,000 (573,000) $ 2,981,100 310,000 (128,000) $ 346,000 $ 5,158,650 $ 127,000 400,000 $ 108,000 $ 14,000 700,000 50,000 400,000 1,200,000 3,342,850 138,800 (50,000) $ 5,158,650 1,648,100 75,000 200,000 92,000 40,000 $ 2,981,100 $ 346,000 Additional Information A Company purchased its 40% interest in C Company on January 1, Year 4. On that date, the negative acquisition differential of $60,000 on the 40% investment was allocated to equipment with an estimated useful life of 10 years. A Company purchased its 75% of B Company's common shares on January 1, Year 6. On that date, the 100% implied acquisition differential was allocated $40,000 to buildings with an estimated useful life of 20 years, and $95,200 to patents to be amortized over eight years. The preferred shares of B Company are non-cumulative. On January 1, Year 6, B Company's accumulated depreciation was $450,000. On January 1, Year 7, B Company purchased its 40% interest in C Company for $116,800. The carrying amount of C Company's identifiable net assets approximated fair value on this date and C Company's accumulated depreciation was $36,000. The inventory of B Company contains a profit of $10,400 on merchandise purchased from A Company. The inventory of A Company contains a profit of $9,000 on merchandise purchased from C Company. On December 31, Year 7, A Company owes $40,000 to C Company and B Company owes $5,000 to A Company. Both A Company and B Company use the equity method to account for their investments but have made no equity method adjustments in Year 7. An income tax rate of 40% is used for consolidation purposes. Required: (a) Calculate non-controlling interest's share of consolidated net income for Year 7. (Round your intermediate computations to nearest whole dollar value. Omit $ sign in your response.) Non-controlling interest's share of consolidated net income (b) Prepare a consolidated statement of retained earnings for Year 7. (Round your intermediate computations to nearest whole dollar value. Input all values as positive numbers. Omit $ sign in your response.) A Company Consolidated Retained Earnings Statement For the Year Ended December 31, Year 7 Balance Jan. 1 Net income $ Less: Dividends Balance Dec. 31 (c) Prepare a consolidated balance sheet as at December 31, Year 7. (Amounts to be deducted should be indicated by a minus sign. Round your intermediate computations to nearest whole dollar value.) Assets A Company Consolidated Balance Sheet December 31, Year 7 $ 0 Liabilities and Equity $ 0