On Jenusery 1, Year 4, Gront Corporetion bought 1,000 (80\%) of the outstanding common sheres of Devy Company for $8,750cosh. Devy's shares were troding for $7 per share on the date of acquisition. On that date, Devy had $3,125 of common shares outstanding and $3,750 retsined earnings. Also on that date, the carrying amount of each of Devy's identifiable assets and liabilities wos equal to its fair value except for the following: The patent had on estimated useful life of five years at Jonuary 1, Year 4 , and the entire inventory wos sold during Year 4. Grant uses the cost method to occount for its investment. The following are the seporate-entity finuncial statements of Grant and Devy as at December 31, Year 7: Additional Information - The recoverable amount for goodwill wos determined to be $1,250 on December 31, Year 7 . The goodwill impsirment loss occurred in Year 7 . - Gront's sccounts receivsble contains $3,750 owing from Devy. - Amortization expense is grouped with distribution expenses and impoirment losses are grouped with other expenses. (b) Prepare consolidated financial statements for Year 7. (Input all values as positive numbers.)