Hi, I need help with the following question cannot seem to calculate the answer. I am stuck on the basics of calculating goodwill non controlling interest etc.

ASSIGNMENT QUESTION:

Financial statements of Parent and its 80% Subsidiary as at December 31, Year 8 are presented below.

The following additional information is relevant relating to the Parent's acquisition of Subsidiary:

1.Parent acquired 8,000 Ordinary Shares of Subsidiary on January 1, Year 4 for $125,000, when Subsidiary's share capital and retained earnings were $50,000 and $12,000 respectively.

2.On January 1, Year 4 the fair values of Subsidiary's assets and liabilities were equal to the carrying amounts except for the following:

3.Subsidiary's patent had a useful life of eight years on January 1, Year 4.

4.Subsidiary's plant and equipment had a useful life of fifteen years on January 1, Year 4

5.Any goodwill on the date of acquisition was tested annually for impairment. As a result, impairment losses occurred as follows: Year 5: $25,000; Year 7 $16,400.The value of goodwill on December 31, Year 8 was: $35,000

6.On January 1, Year 6 Subsidiary sold equipment to Parent at a price that was $21,000 in excess of its carrying amount. The equipment had an estimated useful life of six years on that date.

7.On January 1, Year 8 the inventories of Parent contained items purchased from Subsidiary on which Subsidiary had made a profit of $1,900. During Year 9, Subsidiary sold goods to Parent for $92,000 of which $21,000 remained unsold at the end of the year. Subsidiary made a profit of $3,300 on goods remaining in Parent's inventory at December 31, Year 8.

8.Parent sold a tract of land to Subsidiary in Year 5 at a profit of $7,000. The land is still held by Subsidiary at the end of Year 8.

9.In Year 8 dividends were paid as follows: Parent: $20,000; Subsidiary:$11,000.

10. During Year 8 Subsidiary paid Parent consulting fees of $1,100.

11. At December 31, Year 8 Parent owed Subsidiary $15,000 for goods purchased during the year.

12. Assume a corporate tax rate of 40%.

Required:

Prepare the consolidated financial statements of Parent for the year ended December 31, Year 8 including the Consolidated Income Statement and the Consolidated Balance Sheet as at that date showing separately calculations for:

1.Non-Controlling Interest (NCI) Balance Sheet as at December 31, Year 8

2.Consolidated Retained Earning as at December 31, Year 8

3.Non-Controlling Interest (NCI) share of Net Income for the year ended December 31, Year 8

Dieeem Year S Parent Land 2:7.000 Plant and Equipment 198 000 105,000 86,000 40,000 125.000 15.000 36,090 60.000 72.000 Cash 28,000 10,600 370 000 210 600 225.000 50.000 Related Fauxings $8. 300 75.000 5.000 1.5.500 Accounts Payable 51. 700 70. 100 370 000 210 600 Statements of come and Retained Emulies For the Year Ended December Sil, Year S Parent Subsidiary 535.100 Miscellaneous Ivexin 1. 100 515. 300 284.000 361,000 206.000 75.400 23.000 30 700 1. 100 6.300 1.000 Weenie Takes 13.800 6200 271.000 13.000