XV - Computation of Consolidated Balances Following are the individual financial statements for BB and DD for the year ending December 31, 20x4: BB DD Sales . . . P(600,000) P(300,000) Cost of goods sold . 300,000 140,000 Operating expenses 174,000 60,000 Dividend income . . . (24,000) 0- Net income . . P(150,000) P(100,000) Retained earnings, 1/1/x4 P(700,000) P(400,000) Net income (150,000) (100,000) Dividends paid . . . 80,000 40,000 Retained earnings, 12/31/x9 P(770,000) P(460,000) Cash and receivables . . . . . . . P 250,000 P 100,000 Inventory . . . 500,000 190,000 Investment in DD . 526,000 -0- Buildings (net) 524,000 600,000 Equipment (net) 400,000 400,000 Total assets . . . P2.200,000 P1.290,000 Liabilities . . (P 800,000) P 490,000) Common stock . 630,000) 340,000) Retained earnings, 12/31/x4 . 770,000) 460,000) Total liabilities and equity . . P(2.200,000) P(1,290,000) BB acquired 60 percent of DD on April 1, 20x4, for P526,000. On that date, equipment (with a 5-year life) was overvalued by P30,000. Also on that date, the fair value of the 40 percent non-controlling interest was P300,000. DD earned income evenly during the year paid but received the entire dividend on November 1, 20x4. Required: 1. Determine the consolidated balance for each of the following accounts as of December 31, 20x4: - Revenues - Consolidated net income (CNI) -Cost of goods sold Non-controlling interest in CNI - Operating expenses - Controlling interest in CNI 2. Determine the consolidated balance for each of the following accounts as of December 31, 20x4: Goodwill - Buildings (net) Equipment (net) - Dividends paid - Common stock