On January 1, Year 8, Poly Company acquired 1,500 of Sable Company's common shares. On January 1, Year 8 , the shareholders' equity accounts of Sable were: 1 The preferred shares are cumulative with a redemption value of 1.05 . The dividend rate is $1 per share per year. Following are the statements of retained earnings for the two companies for Year 10: Additional information 1. Poly uses the cost method to account for its investment in Sable. 2. On January 1, Year 8 , acquisition differential of $6,000 was allocated to goodwill. There was no goodwill impairment in Year 8 or 9 . At the end of Year 10, the recoverable value of goodwill was $5,000. 3. Prior to this year, dividends were last declared and paid December 31, Year 7. Both companies declared dividends this year on December 31, Year 10. 4. On October 1 1 st Year 9 , Sable sold a parcel of land to Poly for $7,000. The land originally cost Sable $4,000. In Year 10 , Poly sold 60% of this land to an outsider. 5. Tax rate is 40%. Required: Show all work for full marks a. Calculate consolidated net income for Year 10. Show the attributable amounts separately to Poly, Noncontrolling Interest Common and Noncontrolling Interest Preferred. Assume the parent, Poly, does not own any of the preferred shares of Sable. (9 marks) b. Calculate the Noncontrolling Interests that would appear on the Consolidated Balance Sheet at December 31, Year 10. Show separate calculations of the amount attributable to common and the amount attributable to preferred