pany for the year ended December anded December 31, Year 5. follow ERS S 316,000 208.000 $ 108,000 $ 208.000 108.000 LO2 The condensed financial statements for OIL Inc. and ERS Company for the OIL Revenues $ 924.000 Expenses 668,000 Net income $ 256,000 Retained earnings, 1/1/Year 5 S 808,000 Net income 256,000 98,000 Dividends paid Retained earnings, 12/31/Year 5 $ 966,000 Cash Receivables and inventory 408.000 Patented technology (net) 908.000 708,000 Equipment (net) Total assets $2,112,000 Liabilities $ 608.000 Common shares 538.000 966,000 Retained earnings Total liabilities and equities $2,112,000 $ 88,000 $ 316,000 $ 118.000 178,000 312.000 608,000 $1,216,000 $ 422,000 478,000 316,000 $1.216,000 On December 31, Year 5. after the above figures were prepared. OIL issued $252.000 in debt and 12,000 new shares to the owners of ERS for 90% of the outstanding shares of that company. OIL shares had a fair value of $48 per share. OIL also paid $38,000 to a broker for arranging the transaction. In addition, OIL paid $40,000 in stock issuance costs, ERS's equipment was actually worth $706,000, but its patented technology was appraised at only $288.000. Required What are the consolidated balances for the year ended/at December 31, Year 5. for the following accounts? (a) Net income (b) Retained earnings, 1/1/Year 5 (c) Equipment (d) Patented technology (e) Goodwill (f) Liabilities 202 pany for the year ended December anded December 31, Year 5. follow ERS S 316,000 208.000 $ 108,000 $ 208.000 108.000 LO2 The condensed financial statements for OIL Inc. and ERS Company for the OIL Revenues $ 924.000 Expenses 668,000 Net income $ 256,000 Retained earnings, 1/1/Year 5 S 808,000 Net income 256,000 98,000 Dividends paid Retained earnings, 12/31/Year 5 $ 966,000 Cash Receivables and inventory 408.000 Patented technology (net) 908.000 708,000 Equipment (net) Total assets $2,112,000 Liabilities $ 608.000 Common shares 538.000 966,000 Retained earnings Total liabilities and equities $2,112,000 $ 88,000 $ 316,000 $ 118.000 178,000 312.000 608,000 $1,216,000 $ 422,000 478,000 316,000 $1.216,000 On December 31, Year 5. after the above figures were prepared. OIL issued $252.000 in debt and 12,000 new shares to the owners of ERS for 90% of the outstanding shares of that company. OIL shares had a fair value of $48 per share. OIL also paid $38,000 to a broker for arranging the transaction. In addition, OIL paid $40,000 in stock issuance costs, ERS's equipment was actually worth $706,000, but its patented technology was appraised at only $288.000. Required What are the consolidated balances for the year ended/at December 31, Year 5. for the following accounts? (a) Net income (b) Retained earnings, 1/1/Year 5 (c) Equipment (d) Patented technology (e) Goodwill (f) Liabilities 202