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On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $663,000. On January 1, Year 6, Pic Company acquired an

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On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $663,000. On January 1, Year 6, Pic Company acquired an additional 2,000 ordinary shares of Sic Company for $213,000. On January 1, Year 5, the shareholders' equity of Sic was as follows: Ordinary shares (10.000 no par value shares issued) $200,000 Retained earnings 333,000 $533,000 The following are the statements of retained earnings for the two companies for Years 5 and 6: Pic Sic Year 5 Year 6 Year 5 Year 6 Retained earnings, beginning of year $ 566,000 $ 616,000 $333,000 $392,000 Profit 150,000 175,500 149,000 144,500 Dividends (100,000) (120,000) (90,000) (90,000) Retained earnings, end of year $ 616.000 $ 671.500 $392,000 $445.5\" 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 31, Year 7. Neither company has any customer contracts recorded on their separate-entity records. . There were no unrealized profits from intercompany transactions since the date of acquisition. Required: (a) Calculate consolidated profit attributable to Pic's shareholders for Year 6. (Omit 5 sign in your response.) Consolidated prot attributable to Pic's shareholders $ (b) Calculate the following account balances for the consolidated statement of financial position at December 31, Year 6: (Omit 5 sign in your response.) (i) Customer contracts (ii) Noncontrolling interest (iii) Retained earnings DDS

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