1. Calculate the balance of NCI at December 31, 2018. Provide detailed calculations.
2. Complete a consolidated worksheet for Newman Company and its subsidiary Frank Company as of December 31, 2018. Prepare supporting amortization schedules.

Newman Company purchased 95% of the common stock of Frank Company on May 1, 2018, for a cash payment of $515,000. December 31, 2018, trial balances for Newman and Frank were: BALANCE SHEET Newman December 31, 2018 Frank December 31, 2018 179,200 Current Assets Investment in Frank Property and Equipment Total Assets 352,600 549,845 1,334,000 2,236,445 562,000 741,200 270,240 1,000,000 364,000 Account and Notes Payable Dividend Payable Common Stock ($ 10 par) Other Contributed Capital Treasury Stock at Cost, 500 shares R/E January 1, 2018 Net Income Dividend Declared Total Liabilities + Equity 124,000 60,000 200,000 90,000 (32,000) 209,200 150,000 (60,000) 315,360 286,845 2,236,445 741,200 INCOME STATEMENT Frank 2018 Sales Cost of Goods Sold Other Expenses Equity in Subsidiary Income Net Income Newman 2018 1,940,000 (1,261,000) (484,000) 91,845 286,845 976,000 (584,000) (242,000) 150,000 Frank Company declared a $60,000 cash dividend on December 20, 2018, payable on January 10, 2019, to stockholders of record on December 31, 2018. Newman Company recognized the dividend on its declaration date. Any difference between book value and the value implied by the purchase price relates to subsidiary equipment with 5-year remaining life, included in property and equipment. Revenues and expenses are distributed evenly through the year