Hi experts, could you please answer this question. It is going to help a lot. Thank you.

Patrice Inc. purchased 90% of the voting shares of Sarah Inc. for $600,000 on January 1, 2019. On that date, Sarah's common shares and retained earnings were valued at $200,000 and $250,000 respectively. In Patrices non consolidated financial statements it uses the cost method to account for its investment in Sarah Inc.

Sarah's fair values approximated its carrying values with the following exceptions:

Sarah's trademark had a fair value which was $50,000 higher than its carrying value.

Sarah's bonds payable had a fair value which was $20,000 higher than their carrying value.

The trademark had a useful life of exactly ten years remaining from the date of acquisition. The bonds payable mature on January 1, 2029. Both Patrice and Sarah use the straight line method of amortization.

The financial statements of both companies for the year ended December 31, 2020 are shown below:

Income Statements:

Patrice Inc. Sarah Inc

Sales $700,000 $640,000

Other Revenues $300,000 $160,000

Less: Expenses:

Cost of Goods Sold $280,000 $256,000

Depreciation Expense $30,000 $14,000

Other Expenses $240,000 $155,000

Income Tax Expense $90,000 $75,000

Net Income $360,000 $300,000

Retained Earnings Statements:

Patrice Inc. Sarah Inc.

Balance, January 1, 2020 $200,000 $100,000

Net Income $360,000 $300,000

Less: Dividends ($60,000) ($50,000)

Retained Earnings, Dec 31, 2020 $500,000 $350,000

Balance Sheets:

Patrice Inc. Sarah Inc.

Cash $200,000 $150,000

Accounts Receivable $50,000 $150,000

Inventory $50,000 $150,000

Investment in Sarah Inc. $600,000 (This is Patrice Inc.'s investment )

Equipment (net) $500,000 $150,000

Trademark $200,000 (This is Sarah Inc's trademark value)

Total Assets $1,400,000 $800,000

Current Liabilities $280,000 $ 150,000

Bonds Payable $120,000 $100,000

Common Shares $500,000 $200,000

Retained Earnings $500,000 $350,000

Total Liabilities and Equity $1,400,000 $800,000

Other Information:

A goodwill impairment test conducted during August 2020 revealed that the Sarah's Goodwill amount on the date of acquisition had been impaired by $10,000.

During 2019, Patrice sold $50,000 worth of inventory to Sarah, 60% of which was sold to outsiders during the year. During 2020, Patrice sold inventory to Sarah for $90,000. Two-thirds of this inventory was resold by Sarah to outside parties.

During 2019, Sarah sold $30,000 worth of inventory to Patrice, 90% of which was sold to outsiders during the year. During 2020, Sarah sold inventory to Patrice for $40,000. 75% of this inventory was resold by Patrice to outside parties. As of December 31, 2020, Patrice still owes $20,000 to Sarah for the inventory.

All intercompany sales as well as sales to outside parties earn a gross margin on sales of 20%. Since Patrice acquired Sarah, Patrice has charged Sarah an annual management fee of $30,000. Sarah has paid Patrice for the management services on December 31st of each year.

Required:

Prepare the consolidated statements of financial position and comprehensive income as at December 31, 2020.

Calculate consolidated retained earnings and non controlling interest, too using cost method and fair value method.

Hope, this helps and you can make balance on your balance sheet, too. Thank you. Could you help me asap, please?