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ProForm acquired 60 percent of ClipRite on June 30, 2017, for $780,000 in cash. Based on ClipRite's acquisition date fair value, an unrecorded intangible of

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ProForm acquired 60 percent of ClipRite on June 30, 2017, for $780,000 in cash. Based on ClipRite's acquisition date fair value, an unrecorded intangible of $550,000 was recognized and is being amortized at the rate of $14,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $520,000 at the acquisition date. The 2018 financial statements are as follows: Book $ Clipite (680,000) 420,000 120,000 Print erences $ Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in cliprite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/18 Totals Proform $ (840,000) 555,000 140,000 (54,000) $ (199,000) $(1,300,000) (199,000) 140,000 5(1,359,000) $ 440,000 330,000 780,000 1,400,000 (500,000) $ 2,450,000 $ (591,000) (500,000) (1.359,000) ${2,450,000) (140,000) (890.000) (140,000) 90,000 (940,000) 340,000 740,000 $ 800,000 (250,000) $1,630,000 $ (190,000) (500,000) (940,000) $(1,630,000) ProForm sold ClipRite inventory costing $73,000 during the last six months of 2017 for $130,000. At year-end, 30 percent remained. ProForm sells ClipRite Inventory costing $220,000 during 2018 for $290,000. At year-end, 10 percent is left Determine the consolidated balances for the following accounts: 4 Check my w Investment in ClipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/18 Totals 780,000 1,400,000 (500,000) $ 2,450,000 $ (591,000) (500,000) (1,359,000) $(2,450,000) 800,000 (250,000) $1,630,000 $ (190,000) (500,000) (940,000) $(1,630,000) ProForm sold ClipRite inventory costing $73,000 during the last six months of 2017 for $130,000. At year-end, 30 percent remained. ProForm sells ClipRite inventory costing $220,000 during 2018 for $290,000. At year-end, 10 percent is left. nces Determine the consolidated balances for the following accounts: Consolidated Balance Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/18

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