Required:

What are the consolidated balances for the year ended/at December 31, Year 5, for the following accounts? (Omit $ sign in your response.)

(a) Net income

OIL's net income considered in the Consolidated Financial Statement $

(b) Retained earnings, 1/1/Year 5

OIL's retained earnings in the Financial statement for Consolidation $

(c) Equipment

Value of equipment after acquisition $

(d) Patented technology

Value of patent after acquisition $

(e) Goodwill

Goodwill $

(f) Liabilities

Total liabilities after acquisition $

(g) Common shares

Total value of common shares after acquisition $

(h) Non-controlling interests

Total value of non-controlling interest after acquisition $

The condensed financial statements for OIL Inc and ERS Company for the year ended December 31, Year 5, follow: On December 31, Year 5, after the above figures were prepared, Olt. issued $180,000 in debt and 12.000 new shares to the owners of ERS for 80% of the outstanding shares of that company. OIL shares had a fair value of $49 per share. OIL also paid $39,000 to a broker for arranging the transaction. In addition, OIL paid $41,000 in stock issuance costs. ERS's equipment was actually worth $708,000, but its patented technology was appraised at only $289,000