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On January 1, Year 5, Par Co. purchased 85% of the outstanding common shares of Sub Co. for $9,000 in cash. On that date, the shareholders' equity of Sub consisted of $2,000 in common shares and $6,000 in retained earnings. For the year ended December 31, Year 10, the income statements for Par and Sub were as follows: At December 31, Year 10, the condensed balance sheets for the two companies were as follows: Other information 1. On January 1 , Year 5 , Sub had inventory with a fair value that was $90 greater than its carrying value. 2. On January 1, Year 5 , Sub had equipment with a fair value that was $200 higher than its carrying value. The equipment had an estimated remaining useful life of 10 years. 3. Each year, goodwill is evaluated to determine if there was an impairment loss. Goodwill had a recoverable value of $2,080 at December 31, Year 9 and $2,000 at December 31, Year 10. 4. During Year 10, Sub sold merchandise to Par for $550,60% of which remains in Par's inventory at December 31, Year 10. On December 31, Year 9, the inventory of Par contained $100 of merchandise purchased from Sub. Sub earns a gross margin of 30% on its sales. 5. On January 2, Year 7, Sub sold land to Par for $1,000. Sub purchased the land on January 1, Year 3 for $700. In Year 10, Par sold 30% of this land to an outsider. 6. During Year 10, Par declared and paid dividends of $2,500, while Sub declared and paid dividends of $800 7. Par accounts for its investment in Sub using the cost method. 8. Both companies pay income tax at the rate of 40%. Required a. Calculate the consolidated net income for Year 10. b. Calculate the consolidated retained earnings at January 1 , Year 10. c. Prepare the consolidated financial statements for the year ended December 31, Year 10. d. Prepare the working paper eliminating journal entries for the intercompany sale of inventory for Year 10 . e. If Par had used the Identifiable Net Asset method (see chapter 4), briefly explain whether total shareholders' equity for Year 10 would increase, decrease, or not change. Hints: Goodwill =$2,298; AD left Dec. 31 , Year 10=$2,080; Consolidated NI =$3,733; Total consolidated assets $62,695