On December 31 . Year 2 Fam Ins . purchased 3056 Both of the outstanding ordinary shares of Storm Company for SSECOND At that date Storm had ordinary shares of $247060 and retained earnings earnings of $64 02] In ego tating the purchase price , t we as agreed that the assets on Storm's state me 5 statement of financial position were fairly valued except for plant assets , which had a $44 020 excess of fair fair va we over carrying amount . It was also agreed that Storm had atrecognized marg be assets consisting of trademarks that had an as ; mated value of 525 50 0 . The The plant assets had a remaining useful life of eight yes years at the soquiston date and the trademarks would be amortzed over a 12 -year period . Any goodwil arising from this D:15 ness combination would be tested periodically for impe ment Palm scounts for its investment using the cost meth I method Additional information At December 31 Year B an mpa Year 6 an impairment test of Storm's goodw / revealed the fol owing ; Fair value ess disposal costs based or on recent offer from prospective purchaser 3 50 . DOG Value in use based on undiscounted future net cash flows Value nose based on discounted future in re net cash flows using a d scount rate of Sto which is Stores meremental borrowing rate 420 02 27 0 which is the rise - free rate on government bonds An impairment test rod cated that the trademarks had a recoverable smount of 514 3 50 . The impairment ass on these assets occurred entirely in hear E December 25 YEAR E decgred dividends of SAL DEC . whe Storm declared clyde 524,900 Amortization Expense is sported in selling expenses . While impairment cases are reported in owner expenses . Financial statements for Pam and Storm for the year year ended December 31 Yes - 6 were as to ows TATEMENTS OF FINANCIAL POSITION December 31 Year G Plant assets SaraDog S2canoe Treatment in Storm 353 . GOD Other investments 8 8 DAD 23 . GOD Notes receivebe winnerhary 143 . LED 220.500 Accounts race van a 30 900 24 DID 5 692 .LED 5 674 0 0 0 Shareholders Equity and Liabilities Ordinary shares 543 . DOG 5 242 060 Retained earnings 50.000 Notes payable 15].ECO 20. 50 0 Other current lab lies 4 00 54 GOD Accounts payable 103 . ODD 962 . LED 5974 . LOL INCOME STATEMENT For the year ended December 31 Year G 5 GOOOD 9 565 DOC Cost of goods sold 1653 090 (330 000 ) Gross profit 252 060 5 175 0 Selling expenses 28 900 (20 090 ) Other expenses (150 090 ( 80 090 ) interest and dividend income 35 . CCC 5 105001 5 92 010 Required a Prepare consolidated financial statements ( Input all values a s positive numbers