On January 1, Year 2. Gros Corporation acquired 70% of the outstanding common shares of Petite Company for a total cost of $84,000. On that date, Petite had $35,000 of common shares and $25,000 of retained earnings. The carrying amounts of each of Petite's Identifiable assets and liabilities were equal to their fair values except for the following: Carrying Amount $ 45,000 70,000 Fair Value $ 55, eee 90, eee Inventory Equipment The equipment had an estimated useful life of ten years as at January 1, Year 2, and the entire Inventory was sold during Year 2. Selected account balances from the records of Gros and Petite for the year ended December 31, Year 6, were as follows: Gros $150,00 326, eee Petite $ 80, eee 160, eee Inventory Equipment, net Goodwill Retained earnings, end of year Non-controlling interest on balance sheet 270, eee 50, eee 500,000 20,000 35,000 450, eee 12,000 20,000 Cost of goods purchased Change in inventory (decreased during year) Amortization expense Non-controlling interest on income statement Net income Dividends paid 90, see 30,00 48, see 10, eee Additional Information . Gros uses the cost method to account for its Investment in Petite. An Independent valuator has estimated that the goodwill associated with Gros's acquisition of Petite had a recoverable amount of $28,000 as of December 31, Year 6. (Note: No Impalrment losses have been recognized in all years prior to Year 6.) Required: (a) Determine the amounts on the Year 6 consolidated financial statements for the above-noted accounts. (Omit $ sign In your response.) Inventory Equipment, net Goodwill Retained earnings, end of year Non-controlling interest on balance sheet Cost of goods purchased Change in inventory Amortization expense Non-controlling interest on income statement Consolidated net income Dividends paid (b) If the Independent appraisal of the recoverable amount for goodwill as at December 31, Year 6, showed an amount of $8,000 instead of the $28,000 Indicated above, what would be the impact on the following? (Input all values as positive numbers. Omit $ sign in your response.) (1) Consolidated net income attributable to Gros's shareholders Consolidated net Income - Gros's shareholders would (Click to select) by $ (11) Consolidated retained earnings Consolidated retained earnings (Click to select) by (III) Consolidated net Income attributable to non-controlling Interest Consolidated net Income - non-controlling Interest (Click to select) by $
