Pure Company purchased 70% of the ordinary shares of Gold Company on January 1, Year 6, for $486,400 when the latter company's accumulated depreciation, ordinary shares, and retained earnings were $76,900, $500,000, and $43,000, respectively. Noncontrolling interest was valued at $198,000 by an independent business valuator at the date of acquisition. On this date, an appraisal of the assets of Gold disclosed the following differences: Carrying Fair Land amount $170,000 $229,000 value Plant and equipment Inventory 719,000 793,000) 151,000 133,000 The plant and equipment had an estimated life of 20 years on this date. The statements of financial position of Pure and Gold, prepared on December 31, Year 11, follow: Land Plant and equipment Pure $ 116,000 Gold $170,000 644,000 964,000 Less accumulated depreciation (173,000) (202,000) Patent (net of amortization) 41,500 Investment in Gold Co. shares (equity method). 486,400 Investment in Gold Co. bonds. 218,000. Inventory Accounts receivable Cash Ordinary shares Retained earnings Bonds payable (due Year 20) Accounts payable $ 750,000 $ 500,000 1,054,740 277,700 382,000 57,980 $1,862,720 205,500 $1,365,200 244,000 191,000. 234,150 182,000 51,670 60,200 $1,862,720 $1,365,200 Additional Information. Goodwill impairment tests have resulted in impairment losses totalling 60% of the goodwill at the date of acquisition. On January 1, Year 1, Gold issued $400,000 of 8 1/2 % bonds at 90, maturing in 20 years (on December 31, Year 20). On January 1, Year 11, Pure acquired $200,000 of Gold's bonds on the open market at a cost of $220,000. On July 1, Year 8, Gold sold a patent to Pure for $73,000. The patent had a carrying amount on Gold's books of $52,000 on this date and an estimated remaining life of seven years. January 1, real 1, QUI Issue 400,000 11/20 DUTIES BL 50, maturing in years (on December 31, Year 20). On January 1, Year 11, Pure acquired $200,000 of Gold's bonds on the open market at a cost of $220,000. On July 1, Year 8, Gold sold a patent to Pure for $73,000. The patent had a carrying amount on Gold's books of $52,000 on this date and an estimated remaining life of seven years. Pure uses tax allocation (40% rate) and allocates bond gains between affiliates when it consolidates Gold. Pure uses the cost method to account for its investment in Gold Company and the straight-line method to account for the amortization of bond premiums and discounts. Required: Prepare a consolidated statement of financial position as at December 31, Year 11. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Pure Company Consolidated Statement of Financial Position Cash Accounts receivable December 31, Year 11 $ 111,870 416,150 Inventory Patent (net) Plant and equipment Accumulated depreciation Goodwill Land Total assets Accounts payable Bonds payable Retained earnings Ordinary shares $ 528,020 263,480 Total liabilities and shareholders' equity $ 263,480