Problem 5-28 (LO 5-2, 5-3, 5-4) ProForm acquired 80 percent of ClipRite on June 30, 2017, for $1,200,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $650,000 was recognized and is being amortized at the rate of $16,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $300,000 at the acquisition date. The 2018 financial statements are as follows: clipRite (720,000) 430,000 ProForm Sales Cost of goods sold (860,000) 565,000 Operating expenses 130,000 160,000 (32,000) Dividend income $ (167,000) (160,000) Net income Retained earnings, 1/1/18 Net income (1,500,000) (167,000) 160,000 $ (910,000) (160,000) Dividends declared 40,000 $(1,507,000) $(1,030,000) Retained earnings, 12/31/18 Cash and receivables 460,000 350,000 360,000 Inventory Investment in ClipRite Fixed assets 760,000 1,200,000 0 1,600,000 900,000 (600,000) (150,000) Accumulated depreciation $3,010,000 1,870,000 Totals Liabilities $ (803,000) (700,000) (1,507,000) $(3,010,000) (140,000) (700,000) Common stock Retained earnings, 12/31/18 (1,030,000) $(1,870,000) Totals ProForm sold ClipRite inventory costing $75,000 during the last six months of 2017 for $150,000. At year-end, 30 percent remained ProForm sells ClipRite inventory costing $230,000 during 2018 for $310,000. At year-end, 10 percent is left. Determine the consolidated balances for the following accounts: Answer is not complete. Consolidated Balance Sales S 1,270,000 Cost of goods sold 670,500 Operating expenses 306,000 Dividend income S Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/18 1,102,000