Back This window shows your responses and what was marked correct and incorrect from your previous attempt. 1 ProForm acquired 80 percent of ClipRite on June 30, 2017, for $960,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $500,000 was recognized and is being amortized at the rate of $13,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $240,000 at the acquisition date. The 2018 financial statements are as follows: 3.6/10 points awarded Scored ProForm ClipRite Sales $ (830,000) $ (660,000) Cost of goods sold 550,000 415,000 Operating expenses Dividend income Net income 130,000 115,000 (64,000) 0 $ (214,000) $ (130,000) Retained earnings, 1/1/18 Net income $ (1,200,000) $ (880,000) (214,000) (130,000) Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory 130,000 80,000 $ (1,284,000) $ (930,000) $ 430,000 $ 330,000 320,000 730,000 Investment in ClipRite Fixed assets Accumulated depreciation 960,000 0 1,300,000 (600,000) Totals Liabilities $ 2,410,000 $ 750,000 (350,000) $ 1,460,000 (726,000) $ (130,000) Common stock Retained earnings, 12/31/18 Totals (400,000) (1,284,000) $(2,410,000) (400,000) (930,000) $ (1,460,000) ClipRite sold ProForm inventory costing $72,000 during the last six months of 2017 for $120,000. At year-end, 30 percent remained. ClipRite sells ProForm inventory costing $215,000 during 2018 for $280,000. At year-end, 10 percent is left. With these facts, determine the canealidated holanens for the following