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 (1,800 no par value shares issued) Preferred shares (4,000 no par value shares issued) (Note 1) Retained earnings $ 28,888 4e, eee 30,000 $ 9e, en Nore. 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: IRetained learnings, beginning of year Prof Dividends Retained card of year $ 59, dee 3,web (25.ee $ $5,eua $ 39, Bee 22.00 (15, $37.888 Additional Information PET Uses he cast method to account for its Investment in SET Any adquisition differential is allocated to patents with an estimated user life of six years as at January 1. Year 5 Neither company has any patents recorded on their separate.entity records Required: (e) Prepare a consoldated statement of ceta ned earnings for yearsi (Negative amount should be Indicated by a minus sion, Omit $ Lion.co Saved 1 Required: (a) Prepare a consolidated statement of retained earnings for Year 5. (Negative amount should be indicated by a minus sign. Omle $ sign in your response.) PET Company Statement of Retained Earnings For the year ended December 31, Years Retained earnings, beginning of year Profit Dividends Retained earnings, end of year ebook Print (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 to 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 cortization of patents Share Censolidated retained earnings December Year 3 (c) Calculate non-controlling Interest for the consoldated income statement for Year 5 and non-controlling Interest for the consolidated Prov 1 of 1 !!! Nox 10 200704- Whip PI Type here to search (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 int $ Total Preferred Ordinary ences $ 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) Calculote non-controlling interest for the consolidated Income statement for Year 5 and no controlling interest for the consolidated statement of financial position at the end of Year 5. (Omit S sign in your response.) Non-controlling Interest $ Income statement Statement of financial position Preu Next 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 (1,800 no par value shares issued) Preferred shares (4,000 no par value shares issued) (Note 1) Retained earnings $ 28,888 4e, eee 30,000 $ 9e, en Nore. 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: IRetained learnings, beginning of year Prof Dividends Retained card of year $ 59, dee 3,web (25.ee $ $5,eua $ 39, Bee 22.00 (15, $37.888 Additional Information PET Uses he cast method to account for its Investment in SET Any adquisition differential is allocated to patents with an estimated user life of six years as at January 1. Year 5 Neither company has any patents recorded on their separate.entity records Required: (e) Prepare a consoldated statement of ceta ned earnings for yearsi (Negative amount should be Indicated by a minus sion, Omit $ Lion.co Saved 1 Required: (a) Prepare a consolidated statement of retained earnings for Year 5. (Negative amount should be indicated by a minus sign. Omle $ sign in your response.) PET Company Statement of Retained Earnings For the year ended December 31, Years Retained earnings, beginning of year Profit Dividends Retained earnings, end of year ebook Print (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 to 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 cortization of patents Share Censolidated retained earnings December Year 3 (c) Calculate non-controlling Interest for the consoldated income statement for Year 5 and non-controlling Interest for the consolidated Prov 1 of 1 !!! Nox 10 200704- Whip PI Type here to search (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 int $ Total Preferred Ordinary ences $ 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) Calculote non-controlling interest for the consolidated Income statement for Year 5 and no controlling interest for the consolidated statement of financial position at the end of Year 5. (Omit S sign in your response.) Non-controlling Interest $ Income statement Statement of financial position Preu Next