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On January 1 , Year 5 , Pic Company acquired 7 , 5 0 0 ordinary shares of Sic Company for $ 8 4 7
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:
The following are the statements of retained earnings for the two companies for Years and :
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 Pic's shareholders for Year Omit $ sign in your response.
Required:
a Calculate consolidated profit attributable to Pic's shareholders for Year Omit $ sign in your response.
Consolidated profit attributable to Pic's 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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