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ProForm acquired 60 percent of ClipRite on June 30, 2017, for $840,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $700,000

ProForm acquired 60 percent of ClipRite on June 30, 2017, for $840,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $700,000 was recognized and is being amortized at the rate of $12,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $560,000 at the acquisition date. The 2018 financial statements are as follows:

ProForm ClipRite
Sales $ (960,000 ) $ (920,000 )
Cost of goods sold 615,000 480,000
Operating expenses 260,000 180,000
Dividend income (48,000 ) 0
Net income $ (133,000 ) $ (260,000 )
Retained earnings, 1/1/18 $ (2,000,000 ) $ (1,010,000 )
Net income (133,000 ) (260,000 )
Dividends declared 260,000 80,000
Retained earnings, 12/31/18 $ (1,873,000 ) $ (1,190,000 )
Cash and receivables $ 560,000 $ 460,000
Inventory 450,000 860,000
Investment in ClipRite 840,000 0
Fixed assets 1,300,000 1,400,000
Accumulated depreciation (200,000 ) (350,000 )
Totals $ 2,950,000 $ 2,370,000
Liabilities $ (777,000 ) $ (880,000 )
Common stock (300,000 ) (300,000 )
Retained earnings, 12/31/18 (1,873,000 ) (1,190,000 )
Totals $ (2,950,000 ) $ (2,370,000 )

ClipRite sold ProForm inventory costing $85,000 during the last six months of 2017 for $250,000. At year-end, 30 percent remained. ClipRite sells ProForm inventory costing $280,000 during 2018 for $410,000. At year-end, 10 percent is left. With these facts, determine the consolidated balances for the following:

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Answer is complete but not entirely correct. Consolidated Balance 1,470,000 648,500 $ 452,000 $ 0 Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/18 $ $ $ $ 113,800 1,297,000 144,800 x $

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