PLEASE HELP!!!! ProForm acquired 70 percent of ClipRite on June 30,2020 , for $840,000...
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ProForm acquired 70 percent of ClipRite on June 30,2020 , for $840,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $760,000 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 $360,000 at the acquisition date. The 2021 financial statements are as follows: (Note: Parentheses indicate a credit balance.) ProForm sold ClipRite inventory costing $83,000 during the last six months of 2020 for $230,000. At year-end, 30 percent remained. ProForm sold ClipRite inventory costing $270,000 during 2021 for $390,000. At year-end, 10 percent is left. Determine the consolidated balances for the following accounts: (Input all amounts as positive values.) Sales Cost of Goods Sold Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling Interest in Subsidiary, 12/31/21
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