On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $699,000. On January 1, Year 6, Pic Company acquired an additional 2,000 ordinary shares of Sic Company for $211,000. On January 1, Year 5, the shareholders' equity of Sic was as follows:

Ordinary shares (10,000 no par value shares issued)$200,000Retained earnings 336,000 $536,000

The following are the statements of retained earnings for the two companies for Years 5 and 6:

Pic Sic Year 5Year 6 Year 5Year 6Retained earnings, beginning of year$572,000 $646,500 $336,000 $374,500 Profit 174,500 145,500 128,500 145,000 Dividends (100,000) (120,000) (90,000) (90,000)Retained earnings, end of year$646,500 $672,000 $374,500 $429,500

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 $ sign in your response.)

Consolidated profit $

(b) Calculate the following account balances for the consolidated statement of financial position at December 31, Year 6: (Omit $ sign in your response.)

(i)Customer contracts$ (ii)Non-controlling interest$ (iii)Retained earnings$

Part 1 {0.2 point) 0 See Hint A consumer receives an endowment of $100.00 this period and $700.00 next period. Currently the interest rate is 6.00%. The present value of the endowment is $ 1643.40 . (Give your answer to two decimals.) Part 2 {0.4 point) Q See Hint Suppose that instead, the endowment is $120.00 this period and $910.00 next period. Suppose that the interest rate is still 6.00%. Now the present value of the endowment is $ 1023.21 . (Give your answer to two decimals.) With the new endowments, the consumer is [malthier v Part 3 {0.4 point) 0 See Hint Now suppose that the endowment is $50.00 in the rst period and $675.00 in the second period. The interest rate is still 6.00%. Now the present value of the endowment is $ 722.1? . (Give your answer to two decimals.) With the new endowments. the consumer is poorer v 9. Endowment income is a critical part of the annual budgets at colleges and universities. A study by the National Association of College and University Business Officers reported that the 435 colleges and universities surveyed held a total of $413 billion in endowments. The 10 wealthiest universities are shown below (The Wall Street Journal, January 27, 2009). Amounts are in billion of dollars. University Endowment ($billion) University Endowment ($billion) Columbia 7.2 Princeton 16.4 Harvard 36.6 Stanford 17.2 M.I.T. 10.1 Texas 16.1 Michigan 7.6 Texas A&M 6.7 Northwestern 7.2 Yale 22.9 a. What is the mean endowment for these universities? b. What is the median endowment? c. What is the mode endowment? - d. Compute the first and third quartiles. e. What is the total endowment at these 10 universities? These universities represent 2.3% of the 435 colleges and universities surveyed. What percentage of the total $413 billion in endowments is held by these 10 universities? f. 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