ProForm acquired 70 percent of ClipRite on June 30, 2017, for $1,470,000 in cash. Based on…

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ProForm acquired 70 percent of ClipRite on June 30, 2017, for $1,470,000 in cash. Based on ClipRites acquisition-date fair v

ProForm acquired 70 percent of ClipRite on June 30, 2017, for $1,470,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded Intangible of $600,000 was recognized and is being amortized at the rate of $19,000 per year. No goodwill was recognized in the acquisition. The noncontrolling Interest fair value was assessed at $630,000 at the acquisition date. The 2018 financial statements are as follows: cliprite $(1,860,000) 515,000 215,000 $ (330,000) $ (1,880,60e) (330,000) 80.000 $(1,330,00) Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in clipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/18 Totals ProForm $(1,030,000) 650,000 330,000 (56,000) $ (106,000) $ (3,800,000) (106,000) 330,000 $ (3,576, 000) $ 630,00 520,000 1,470,000 2,200,000 (400,000) $ 4,420,000 $ (544,) (300,000) (3,576, 000) $(4,420,eee) 530,000 930, eee 1,750,00 (700, eee) $ 2,519,000 $ (880,600) (300,000) (1.330.000) $(2,510,000) ClipRite sold ProForm Inventory costing $92,000 during the last six months of 2017 for $320,000. At year-end, 30 percent remained. ClipRite sells ProForm Inventory costing $315,000 during 2018 for $480,000. At year-end, 10 percent is left. With these facts, determine the consolidated balances for the following: Consolidated Balance Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary. 12/31/18

 
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