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Please help me O'Sullivan Corp. purchased 75% of the outstanding shares of Rabb Ltd. on January 1, Year 3, at a cost of $159,720. Non-controlling

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image text in transcribedimage text in transcribed O'Sullivan Corp. purchased 75% of the outstanding shares of Rabb Ltd. on January 1, Year 3, at a cost of $159,720. Non-controlling interest was valued at $59,000 by an independent business valuator at the date of acquisition. On that date, Rabb had common shares of $62,000 and retained earnings of $42,000. Fair values were equal to carrying amounts for all the net assets except the following: The equipment had an estimated remaining useful life of six years on January 1, Year 3, and the software was to be amortized over ten years. Foxx uses the cost method to account for its investment. The testing for impairment at December 31, Year 6 , yielded the following fair values: The impairment loss on these assets occurred entirely in Year 6. Amortization expense is grouped with administrative expenses, and impairment losses are grouped with miscellaneous expenses. The parent's share of the goodwill noted above is $57,155. The following are the financial statements of O'Sullivan Corp. and its subsidiary Rabb Ltd. for Year 6: Additional Information The notes payable are intercompany. Additional Information The notes payable are intercompany. Required: (a) Prepare the Year 6 consolidated financial statements. (Input all values as positive numbers. Leave no cells blank - be certain to enter " 0 " wherever required. Round your intermediate computations to nearest whole dollar value. Omit \$ sign in your response. The balance sheet total may vary due to rounding.) (b) Calculate goodwill impairment loss and non-controlling interest on the consolidated income statement for the year ended December 31, Year 6, under the identifiable net assets method. (Round intermediate calculations and final answers to whole number. Omit \$ sign in your response.) (c) This part of the question is not part of your Connect assignment

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