Practice excersise need help

An Introduction to Consolidated Financial Statements 115 P 3-7 Calculate items that may appear in consolidated statements two years after acquisition Por Corporation acquired 80 percent of the outstanding stock of Sle Corporation for $1,120,000 cash on January 3. 2011, on which date Sle's stockholders equity consisted of capital stock of $800,000 and retained earnings of $200,000, There were no changes in the outstanding stock of either corporation during 201 1 and 2012. At December 31, 2012, the adjusted trial balances of Por and Sle are as follows (in thousands): Por Sle Debits Current assets $ 816 $ 300 Plant assets-net 1.600 1.200 Investment in Sle-80% 1,360 Cost of goods sold 1.000 480 Other expenses 200 120 Dividends 240 100 $5.216 $2,200 Credits Current liabilities $ 648 200 Capital stock 2,000 800 Retained earnings 808 400 Sales 1,600 800 Income from Sle 160 $5,216 $2,200 ADDITIONAL INFORMATION 1. All of Sle's assets and liabilities were recorded at fair values equal to book values on January 3, 2011. 2. The current liabilities of Sle at December 31, 2012, include dividends payable of $40,000. REQUIRED: Determine the amounts that should appear in the consolidated statements of Por Corporation and Subsidiary at December 31, 2012, for each of the following: 1. Noncontrolling interest share 6. Excess of investment fair value over book value 2. Current assets 3. Income from Sle 7. Consolidated net income for the year ended December 31, 2012 4. Capital stock 8. Consolidated retained earnings, December 31, 2011 9. Consolidated retained earnings, December 31, 2012 5. Investment in Sle 10. Noncontrolling interest, December 31, 2012