P 5-29 Saved Help 1 ProForm acquired 70 percent of ClipRite on June 30, 2017, for $1,260,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $450,000 was recognized and is being amortized at the rate of $16,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $540,000 at the acquisition date. The 2018 financial statements are as follows: 10 points ClipRite $(1,000,000) 500,000 200,000 eBook Print References Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in clipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/18 Totals ProForm $(1,000,000) 635,000 300,000 (35,000) $ (100,000) $(2,900,000) (100,000) 300,000 $(2,700,000) 600,000 490,000 1,260,000 1,900,000 (300,000) $ 3,950,000 $ (550,000) (700,000) (2,700,000) $ (3,950,000) $ (300,000) $(1,050,000) (300,000) 50,000 $(1,300,000) $ 500,000 900,000 0 1,600,000 (550,000) $ 2,450,000 $ (450,000) (700,000) (1,300,000) $(2,450,000) ClipRite sold ProForm inventory costing $89,000 during the last six months of 2017 for $290,000. At year-end, 30 percent remained. ClipRite sells ProForm inventory costing $300,000 during 2018 for $450,000. At year-end, 10 percent is left. With these facts, determine the consolidated balances for the following: ClipRite sold ProForm inventory costing $89,000 during the last six months of 2017 for $290,000. At year-end, 30 percent remained. ClipRite sells ProForm inventory costing $300,000 during 2018 for $450,000. At year-end, 10 percent is left. With these facts, determine the consolidated balances for the following: Consolidated Balance Sales Cost of goods sold Operating expenses Dividend income Ne come attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/18