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Several years ago Polar Inc. acquired an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were.considered to be equal to their fair values. Polar's acquisition value coIresponded to the underlying book value of Icecap so that no allocations or goodwill resulted from the transaction. The following selected account balances were from the individual financial records of these two companies as of December 31, 2013 Polar Icecap Co. $ 504,000 276,000 147,000 252,000 154,000 Inc. Sales 896,000 406,000 210,000 1,036,000 484,000 501,000 not given $ Cost of goods sold Operating expenses Retained earnings, 1/1/13 Inventory Buildings (net) Investment income 220,000 Polar sold a building to Icecap on January 1, 2012 for $112,000, although the book value of this asset was only $70,000 on that date. The building had a five-year remaining useful life and was to be depreciated using the straight-line method with no salvage value Required: For the consolidated financial statements for 2013, determine the balances that would appear for the following accounts: (1) Buildings (net), (2) Operating expenses, and (3) Non-controlling Interest in Subsidiary's Net Income. Consolidated Buildings (Net) Poplar Inc.'s book value Icecap Co.'s book value Removal of gain created by transfer Consolidated buildings (net) Consolidated Operating expenses PAGE 5 Polar Inc.'s book value Polar Inc.'s book value Icecap's book value Removal of excess depreciation on transferred building Consolidated operating expenses Non-controlling Interest in Subsidiary's Net Income Icecap's reported net income Non-controlling interest percentage % X Non-controlling interest in subsidiary's net income

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