ProForm acquired percent of ClipRite on June for $ in cash. Based on ClipRite's acquisitiondate fair value, an
unrecorded intangible of $ was recognized and is being amortized at the rate of $ per year. No goodwill was
recognized in the acquisition. The noncontrolling interest fair value was assessed at $ at the acquisition date. The
financial statements are as follows:
Note: Parentheses indicate a credit balance.
ClipRite sold ProForm inventory costing $ during the last six months of for $ At yearend, percent remained.
ClipRite sold ProForm inventory costing $ during for $ At yearend, percent is left.
Required:
With these facts, determine the consolidated balances for the following:
Note: Input all amounts as positive values.
Answer is complete but not entirely correct. and are wrong.
