Pure Company purchased 70% of the ordinary shares of Gold Company on January 1, Year 6, for $486,400 when the latter companys 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 amount Fair value Land $ 170,000 $ 229,000 Plant and equipment 719,000 793,000 Inventory 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: Pure Gold Land $ 116,000 $ 170,000 Plant and equipment 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 244,000 191,000 Accounts receivable 234,150 182,000 Cash 51,670 60,200 $ 1,862,720 $ 1,365,200 Ordinary shares $ 750,000 $ 500,000 Retained earnings 1,054,740 277,700 Bonds payable (due Year 20) 382,000 Accounts payable 57,980 205,500 $ 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 Golds 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 Golds 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.

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 81/2% 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. - 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.)