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Problem 05-19 (LO2, 3, 4, 8) The following financial statements were prepared on December 31, Year 6. Additional Information Pearl purchased 80% of the outstanding voting shares of Silver for $4,100,000 on July 1, Year 2 , at which time Silver's retained earnings were $485,000, and accumulated depreciation was $77,000. The acquisition differential on this date was allocated as follows: - 20% to undervalued inventory - 30% to equipment-remaining useful life 8 years - Balance to goodwill During Year 3, a goodwill impairment loss of \$87,000 was recognized, and an impairment test conducted as at December 31, Year 6 , indicated that a further loss of $37,000 had occurred. Amortization expense is grouped with cost of goods sold and impairment losses are grouped with administrative expenses. Silver owes Pearl $92,000 on December 31, Year 6. Required: (a) Prepare consolidated financial statements on December 31, Year 6. (Input all amounts as positive values except accumulated depreciation which should be indicated by minus sign. Omit $ sign in your response.) 1 20 points Pearl Company Consolidated Retained Earnings Statement For the Year Ended December 31, Year 6 Balance Jan. 1 Net income Less: Dividends Balance Dec.31 (b) Calculate goodwill impairment loss and non-controlling interest on the consolidated income statement for the year ended December 31, Year 6, under the identifiable net assets method. (Omit \$ sign in your response.) (c) Calculate goodwill and non-controlling interest on the consolidated balance sheet at December 31, Year 6, under the identifiable net assets method. (Omit \$ sign in your response.) (d) Prepare the consolidated financial statements using the worksheet approach. (Input all amounts as positive values except accumulated depreciation which should be indicated by minus sign. All values in the "Entry" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Leave no cells blank - be certain to enter " 0 " wherever required. Omit $ sign in your response.)