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On January 1 , Year 5 , Pic Company acquired 7 , 5 0 0 ordinary shares of Sic Company for $ 6 0 9
On January Year Pic Company acquired ordinary shares of Sic Company for $ On January Year Pic Company acquired an additional ordinary shares of Sic Company for $ On January Year the shareholders equity of Sic was as follows:
Ordinary shares no par value shares issued $
Retained earnings
$
The following are the statements of retained earnings for the two companies for Years and :
Pic Sic
Year Year Year Year
Retained earnings, beginning of year $ $ $ $
Profit
Dividends
Retained earnings, end of year $ $ $ $
Additional Information
Pic uses the cost method to account for its investment in Sic.
Any acquisition differential is allocated to customer contracts, which are expected to provide future benefits until December Year Neither company has any customer contracts recorded on their separateentity records.
There were no unrealized profits from intercompany transactions since the date of acquisition.
Required:
a Calculate consolidated profit attributable to Pics shareholders for Year Omit $ sign in your response.
Consolidated profit attributable to Pics shareholders $
b Calculate the following account balances for the consolidated statement of financial position at December Year : Omit $ sign in your response.
i Customer contracts $
ii Noncontrolling interest $
iii Retained earnings $
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