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On January 1, 2020, Pride Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. At the acquisition date the stockholders'

On January 1, 2020, Pride Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. At the acquisition date the stockholders' equity of Strong was $350,000. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired.

The noncontrolling interest at the acquisition date was valued at $90,000.

As of December 31, 2020, before preparing the consolidated worksheet, the two companies' financial statements appeared as follows:

Pride, Inc. Strong Corporation
Revenues $(520,000) $(380,000)
Cost of goods sold 196,000 112,000
Operating expenses 128,000 114,000
Net income $(196,000) $(154,000)
-
Retained earnings, 1/1/2020 $(420,000) $(210,000)
Net income (above) (196,000) (154,000)
Dividends paid 0 0
Retained earnings, 12/31/2020 $(616,000) $(364,000)
-
Cash and receivables $294,000 $126,000
Inventory 210,000 154,000
Investment in Strong Co 364,000 0
Equipment (net) 616,000 420,000
Total assets $1,484,000 $700,000
-
Liabilities $(588,000) $(196,000)
-
Common stock (280,000) (140,000)
Retained earnings, 12/31/2020 (above) (616,000) (364,000)
Total liabilities & stockholders' equity $(1,484,000) $(700,000)

Note: Parentheses indicate a credit balance.

1. What is total consolidated revenues?

2. What is the total of consolidated operating expenses?

3. What is the total amount of goodwill that will be in the consolidated balance sheet at December 31, 2020?

4. What is the consolidated total for noncontrolling interest appearing in the December 31, 2021 consolidated balance sheet?

5. What is the consolidated total for equipment (net) on December 31, 2020 assuming no additional equipment had been purchased or sold in 2020?

6. What would be consolidated retained earnings attributable to Pride stockholders at December 31, 2020?

7. What is the 2020 noncontrolling interest in income that would appear in the consolidated financial statements?

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