Advanced accounting
I want the solution for the Net income attributable to Noncontrolling interest & Noncontrolling interest in subsidiary 12/31/21
(with steps in detail)
Determine the consolidated balances for the following: (Input all amounts as positive values.) Sales Cost of Goods Sold Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling Interest in Subsidiary, 12/31/21 x Answer is complete but not entirely correct. Consolidated Balance Sales CA 1,650,000 Cost of goods sold 628,700 Operating expenses 596,000 Dividend income Net income attributable to noncontrolling interest 15,800 x Inventory 1,472,500 Noncontrolling interest in subsidiary, 12/31/21 0 xProForm acquired 60 percent of ClipRite on June 30, 2020, for $1,380,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $700,000 was recognized and is being amortized at the rate of $21,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $920,000 at the acquisition date. The 2021 financial statements are as follows: ProForm ClipRite Sales $ (1, 050, 090) $ (1, 100, 000) Cost of goods sold 660, 090 525, 900 Operating expenses 350,000 225, 090 Dividend income (60, 000) 3 Net income $ (100, 000) $ (350, 000) Retained earnings, 1/1/21 $ (3, 400, 000) $ (1, 100, 000) Net income (100, 090) (350, 000) Dividends declared 350,000 100, 090 Retained earnings, 12/31/21 $ (3,150, 000) $ (1, 350, 060 Cash and receivables 650, 090 $ 550, 090 Inventory 540,090 950, 000 Investment in ClipRite 1, 380, 000 Fixed assets 2, 400, 090 1, 850, 090 Accumulated depreciation (600, 000) (800, 000) Totals $ 4,370,000 $ 2,550,090 Liabilities $ (720, 000) (700, 000) Common stock (500, 000 (500, 000) Retained earnings, 12/31/21 (3, 150, 000) (1, 350, 000) Totals $ (4,370, 000) $ (2,550, 000) (Note: Parentheses indicate a credit balance.) ClipRite sold ProForm inventory costing $94,000 during the last six months of 2020 for $340,000. At year-end, 30 percent remained. ClipRite sold Proform inventory costing $325,000 during 2021 for $500,000. At year-end, 10 percent is left
