A Company owns 75% of B Company and 40% of C Company. B Company owns 40% of C Company. The following informati assembled at December 31, Year 7. $ Cash Accounts receivable Inventory Investment in C Investment in B Property, plant, and equipment Accumulated depreciation B Company 50,300 120,000 226,000 120,800 C Company 21,000 54,000 68,000 A Company 118,800 220,000 297,000 96,300 851,550 2,700,000 (1,020,000) $ 3,263,650 $ 117,000 800,000 Accounts payable Bonds payable Preferred shares Common shares Retained earnings, January 1 Net income Dividends 2,000,000 (583,000) $ 1,934,100 $ 98,000 700,000 50,000 400,000 621,100 65,000 320,000 (127.000) $336,000 $ 4,000 1,200,000 1,077,850 128,800 (60,000) 3,263,650 200,000 102,000 30,000 $ S 1,934,100 $ 336,000 Additional Information A Company purchased its 40% interest in C Company on January 1, Year 4. On that date, the negative acquisition differential of $35,000 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 $87,200 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 $120.800. The carrying amount of C Company's identifiable net assets approximated fair value on this date and C Company's accumulated depreciation was $25,000. The inventory of B Company contains a profit of $6,400 on merchandise purchased from A Company. The inventory of A Company contains a profit of $6,000 on merchandise purchased from C Company. On December 31, Year 7, A Company owes $30,000 to c Company and B Company owes $3,500 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. . Help Save & Exit 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 $ 20945 (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 621100 75560 Less: Dividends Balance Dec. 31 -64 (c) Prepare a consolidated balance sheet as at December 31, Year 7. (Amounts to be deducted should be indic Round your intermediate computations to nearest whole dollar value.) A Company Consolidated Balance Sheet December 31, Year 7 wo Assets Cash $ Accounts receivable Inventory Property, plant and equipment Accumulated depreciation Patents 190.100 360,500 578,600 4,585,000 (1.259,000) Deferred income tax $ 4,455,200 Liabilities and Equity Accounts payable Bonds payable Common shares Retained earnings han controlling internet 185.500 1.500.000 A Company owns 75% of B Company and 40% of C Company. B Company owns 40% of C Company. The following informati assembled at December 31, Year 7. $ Cash Accounts receivable Inventory Investment in C Investment in B Property, plant, and equipment Accumulated depreciation B Company 50,300 120,000 226,000 120,800 C Company 21,000 54,000 68,000 A Company 118,800 220,000 297,000 96,300 851,550 2,700,000 (1,020,000) $ 3,263,650 $ 117,000 800,000 Accounts payable Bonds payable Preferred shares Common shares Retained earnings, January 1 Net income Dividends 2,000,000 (583,000) $ 1,934,100 $ 98,000 700,000 50,000 400,000 621,100 65,000 320,000 (127.000) $336,000 $ 4,000 1,200,000 1,077,850 128,800 (60,000) 3,263,650 200,000 102,000 30,000 $ S 1,934,100 $ 336,000 Additional Information A Company purchased its 40% interest in C Company on January 1, Year 4. On that date, the negative acquisition differential of $35,000 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 $87,200 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 $120.800. The carrying amount of C Company's identifiable net assets approximated fair value on this date and C Company's accumulated depreciation was $25,000. The inventory of B Company contains a profit of $6,400 on merchandise purchased from A Company. The inventory of A Company contains a profit of $6,000 on merchandise purchased from C Company. On December 31, Year 7, A Company owes $30,000 to c Company and B Company owes $3,500 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. . Help Save & Exit 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 $ 20945 (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 621100 75560 Less: Dividends Balance Dec. 31 -64 (c) Prepare a consolidated balance sheet as at December 31, Year 7. (Amounts to be deducted should be indic Round your intermediate computations to nearest whole dollar value.) A Company Consolidated Balance Sheet December 31, Year 7 wo Assets Cash $ Accounts receivable Inventory Property, plant and equipment Accumulated depreciation Patents 190.100 360,500 578,600 4,585,000 (1.259,000) Deferred income tax $ 4,455,200 Liabilities and Equity Accounts payable Bonds payable Common shares Retained earnings han controlling internet 185.500 1.500.000