P 3-7 Calculate items that may appear in consolidated statements two years after acquisition Portly Corporation acquired 80% of the outstanding stock of Slender Corporation for $280,000 cash on January 3, 2009, on which date Slender's stockholders' equity consisted of capital stock of $200,000 and retained earnings of $50,000. An Introduction to Consolidated Financial There were no changes in At December 31, 2010, the adjusted trial balances of Portly thousands) the outstanding stock of either corporation during 2009 and 2010. and Slender are as follows (in Portly Slender Debits Current assets Plant assets-net Investment in Slender-80% Cost of goods sold Other expenses Dividends $ 204 400 340 250 $ 75 300 120 30 25 $1,304 Credits Current liabilities Capital stock Retained earnings Sales Income from Slender $ 162 500 202 400 40 $ 50 200 100 200 S550 ADDITIONAL INFORMATION 1. All of Slender's assets and liabilities were recorded at their fair values on January 3, 2009. 2. The current liabilities of Slender at December 31,2010, include dividends payable of $10,000. REQUIRED: Determine the amounts that should appear in the consolidated statements of Portly Corporation and Subsidiary at December 31, 2010, for each of the following: 1. Noncontrolling interest share 2. Current assets 3. Income from Slender 4. Capital stock 5. Investment in Slender 6. Excess of investment fair value over book value 7. Consolidated net income 8. Consolidated retained earnings, December 31, 2009 9. Consolidated retained earnings, December 31, 2010 10. Noncontrolling interest, December 31, 2010