Problem 1:
Income Allocated to NonControlling Interest: Year Ending December 31, 2019: $ Goodwill on December 31, 2019 Consolidated Balance Sheet: $ Building & Equipment (net) on Dec. 31, 2019 Consolidated Balance Sheet: $ Non-Controlling Interest on Dec. 31, 2019 Consolidated Balance Sheet: $On January 1, 2019, Peanut Oil Company acquired 75% of the outstanding common stock of Shell Inc., paying 3 600,000 in cash. On January 1, 2019, the book value of Shell's net assets was $ 360,000. On January 1, 2019, the fair value of Shell '5 Building exceeded the (net) book value of the Building by 3 60,000. The fair value of all other assets and liabilities was equal to the book value as of that date, and you may assume that the fair value of 100% of Shell Inc. was proportional to the amount paid by Peanut Oil. As of January 1, 2019, the Building had a remaining useil life of ten years. On December 31, 2019, prior to closing their books for the year, the trial balances of Peanut Oil and Shell Inc. were as follows: \"FIRE-CLOSING" TRIAL BALANCE - DEC. 31. 2019 Peanut OII Company: Shell Inc. Dealt can: an: 0mm Cash 77.500 30.000 Inventory 600.000 250.000 Building (net) 700.000 180.000 Investment in Shell 663.000 Accounts Payable 140.000 10.000 Common Stock 1.500.000 300.000 Retained Eeminge\" 300.000 60.000 Sales 1 200.000 500.000 Cost of Sales 900.000 400.000 Depreciation Expense 100.000 20,000 Other Expense 130.000 80.000 income from Investment in Shell 70.500 Dividends 40,000 10,000 TOTAL 3.219.599 3.210.599 919.999 9.7.9.999 *Note that in a Pre-Closing Trial Balance, the amount reported for Retained Earnings would represent the Retained Earnings balance at the beginning of the period. INSTRUCTIONS Please provide the amounts that would appear on the Consolidated Financial Statements for the scal year ending December 31, 2019. There are consolidation worksheets on the following page, which may be useful, but you are not required to complete them