On January 1, Year 5, PET Company acquired 900 ordinary shares of SET Company for $63,000. On this date, the shareholders' equity accounts of SET Company were as follows: Ordinary shares (1,008 no par value shares issued) Preferred shares (4,690 no par value shares issued) (Note 1) Retained earnings $ 20,00 40, see 30, cee $ 90,000 Note 1. The preferred shares are $1, cumulative, non-participating with a liquidation value of 1.05. They were two years in arrears on January 1, Year 5. The following are the statements of retained earnings for the two companies for Year 5: Retained earnings, beginning of year Profit Dividends Retained earnings, end of year PET $ 50,00 30, eee (25,880) $ 55, eee SET $ 30,00 22,eee (15,880) $ 37,000 Additional Information PET uses the cost method to account for its Investment in SET. Any acquisition differential is allocated to patents with an estimated useful life of six years as at January 1, Year 5. Neither company has any patents recorded on their separate-entity records. Required: (a) Prepare a consolidated statement of retained earnings for Year 5. (Negative amount should be Indicated by a minus sign. Omit $ sign in your response.) Required: (a) Prepare a consolidated statement of retained earnings for Year 5. (Negative amount should be Indicated by a minus sign. Omit $ sign in your response.) PET Company Statement of Retained Earnings For the year ended December 31, Year 5 Retained earnings, beginning of year Profit $ Dividends Retained earnings, end of year (b) Prepare an independent calculation of consolidated retained earnings at the end of Year 5. (Negative amounts should be Indicated by a minus sign. Leave no cells blank - be certain to enter "O" wherever required. Omit $ sign in your response.) PET's retained earnings Total Preferred Ordinary $ $ SET's retained earnings: End of Year 5 At acquisition Change since acquisition Amortization of patents $ $ PET's share Consolidated retained earnings, December 31, Year 5 $ (c) Calculate non-controlling Interest for the consolidated Income statement for Year 5 and non-controlling Interest for the consolidated statement of financial position at the end of Year 5. (Omit $ sign in your response.) (c) Calculate non-controlling Interest for the consolidated Income statement for Year 5 and non-controlling Interest for the consolidated statement of financial position at the end of Year 5. (Omit $ sign in your response.) Non-controlling Interest Income statement Statement of financial position