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Prop and Speed On January 1, 2015, Prop purchased 80 % of the common shares of Speed for $140,000. At acquisition, Speed's common shares and retained earnings were $50,000 and $61,000. At acquisition, NCI was determined to be $35,00o. During 2018, Speed paid dividends totaling $30,00o. During 2018, there were no intercompany transactions. The ADA table prepared by other accountants at your firm is supplied. Financial Statements for 2018 are below: Balance Sheets at December 31, 2018 Prop 10,000 $ Speed Cash 36,000 Accounts receivable 370,000 620,000 164,000 200,000 Inventory Capital assets 460,000 410,000 Patent 40,000 140,000 1,640,000 Investment in Speed 810.000 Accounts payable Other liabilities Income tax payable 380,000 160,000 316,000 150,000 160,000 340,000 94,000 50,000 200,000 810.000 Common shares Retained earnings 600,000 $ 1.640,000 $ Income Statement Prop Speed for the year ended December 31, 2018 Sales $ 1,800,000 $ 920,000 Cost of goods sold 680,000 580,000 1,120,000 340,000 Other revenues 24,000 60,000 360,000 Distribution expense 50,000 112,000 Other expenses Income tax expense 240,000 60,000 118,000 Net income $ 484,000 $ Acquisition differential amortization and goodwill impairment schedule Amortization/ Amortization/ Unamortized Unamortized balance Jan 1, 2015 Balance Dec. 31, 2018 2016-17 2018 Inventory Equipment (8 years remaining) Goodwill ,000 16,000 8,000 4,000 10,000 10,000 2,000 40,000 64.000 30,000 12.000 32.000 20,000 Required: Calculate consolidated income for 2018 and indicate the allocation to Prop and Speed Calculate 2018 ending consolidated retained earnings. Calculate December 31, 2018, NCI balance sheet tolidated Prop and Speed On January 1, 2015, Prop purchased 80 % of the common shares of Speed for $140,000. At acquisition, Speed's common shares and retained earnings were $50,000 and $61,000. At acquisition, NCI was determined to be $35,00o. During 2018, Speed paid dividends totaling $30,00o. During 2018, there were no intercompany transactions. The ADA table prepared by other accountants at your firm is supplied. Financial Statements for 2018 are below: Balance Sheets at December 31, 2018 Prop 10,000 $ Speed Cash 36,000 Accounts receivable 370,000 620,000 164,000 200,000 Inventory Capital assets 460,000 410,000 Patent 40,000 140,000 1,640,000 Investment in Speed 810.000 Accounts payable Other liabilities Income tax payable 380,000 160,000 316,000 150,000 160,000 340,000 94,000 50,000 200,000 810.000 Common shares Retained earnings 600,000 $ 1.640,000 $ Income Statement Prop Speed for the year ended December 31, 2018 Sales $ 1,800,000 $ 920,000 Cost of goods sold 680,000 580,000 1,120,000 340,000 Other revenues 24,000 60,000 360,000 Distribution expense 50,000 112,000 Other expenses Income tax expense 240,000 60,000 118,000 Net income $ 484,000 $ Acquisition differential amortization and goodwill impairment schedule Amortization/ Amortization/ Unamortized Unamortized balance Jan 1, 2015 Balance Dec. 31, 2018 2016-17 2018 Inventory Equipment (8 years remaining) Goodwill ,000 16,000 8,000 4,000 10,000 10,000 2,000 40,000 64.000 30,000 12.000 32.000 20,000 Required: Calculate consolidated income for 2018 and indicate the allocation to Prop and Speed Calculate 2018 ending consolidated retained earnings. Calculate December 31, 2018, NCI balance sheet tolidated