Large Ltd. purchased 70% of Small Company on January 1, Year 6, for $770,000, when the statement of financial position for Small showed common shares of $560,000 and retained earnings of $260,000. On that date, the inventory of Small was undervalued by $71,000, and a patent with an estimated remaining life of five years was overvalued by $90,000. Small reported the following subsequent to January 1, Year 6: Year 6 Year 7 Year 8 Profit (Loss) Dividends $144,000 $41,000 (51,000) 26,000 106,000 56,000 A test for goodwill impairment on December 31, Year 8, indicated a loss of $20,900 should be reported for Year 8 on the consolidated income statement. Large uses the cost method to account for its investment in Small and reported the following for Year 8 for its separate-entity statement of changes in equity: Retained earnings, beginning Profit Dividends Retained earnings, end $660,000 360,000 (54,000) $ 966,000 (b) Compute the following on the consolidated financial statements for the year ended December 31, Year 8: (Omit $ sign in your response.) (i) Goodwill Goodwill (ii) Non-controlling interest on the statement of financial position Non-controlling interest (iii) Retained earnings, beginning of year Retained earnings, beginning of year (iv) Profit attributable to Large's shareholders Profit attributable to Large's shareholders (v) Profit attributable to non-controlling interest Profit attributable to non-controlling interest (c) Now assume that Large is a private entity, uses ASPE, and chooses to use the equity method to report its investment in Small. (i) Prepare Large's journal entries for each year related to its investment in Small. (If no entry is required for a transaction/event select "No journal entry required" in the first account field.) ansaction/event, select "No journal entry required" in the first account field.) ear 6 View transaction list View journal entry worksheet No 1 Date Year 6 General Journal Debit Credit Investment in Small Cash 770,000 770,000 2 Year 6 Investment in Small Equity method income 100,800 100,800 3 Year 6 Cash Investment in Small 28,700 28,700 4 Year 6 Equity method income 37,100 Investment in Small 37,100 Year 7 View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Year 7 Equity method loss Investment in Small SLEED BREE 35,700 35,700 2 Year 7 Cash Investment in Small 18,200 18,200 3 Year 7 Investment in Small Equity method loss 12,600 12,600 Year 8 No Date 1 Year 8 Investment in Small Equity method income 2 Year 8 Cash Investment in Small 3 Year 8 Equity method income Investment in Small Answer is not complete. General Journal Debit Credit 74,200 74,200 39,200 39,200 (ii) Determine the investment in Small at December 31, Year 8. (Omit $ sign in your response.) Investment in Small under equity method