At January 1, 2010, ILS acquired 80% of the share capital of LBEX for $290,000. At this date the statement of financial position of LBEX, including comparative information on fair values for assets, was as follows.

At January 1, 2010, it was expected that the depreciable assets had the following remaining useful lives:
Plant and equipment.... 5 years
Vehicles.........10 years
Trademark.......100 years
Buildings........10 years
The market rate for similar bonds at the day of acquisition was 4%. All the inventory on hand at January 1, 2010, was sold by LBEX by December 31, 2010. The tax rate is 40%.
Additional information:
1. The dividend payable in the records of LBEX at January 1, 2010, was paid in March 2011.
2. On July 1, 2013, equipment that was on hand in LBEX at January 1, 2010, was sold for $6,000. At January 1, 2010, the equipment was recorded at cost of $50,000 with accumulated depreciation of $30,000, and had a fair value of $9,000.
3. Information on dividends paid and declared by LBEX is as follows:
2011 period: paid a $5,000 dividend (excluding dividend in point 1) 2012 period: paid a $4,000 interim dividend declared, in December 2012, a $6,000 dividend
2013 period: paid the $6,000 dividend declared in the previous period paid a $5,000 interim dividend declared, in December 2013, an $8,000 dividend
4. Information on inventory sold by LBEX to ILS at cost plus 25%:
€¢ At January 1, 2013, ILS had $10,000 of inventory on hand.
€¢ During 2013, $50,000 worth of inventory was sold intragroup, with 10% still on hand in ILS at December 31,
2013.
5. On January 1, 2013, ILS bought land from LBEX for $25,000. The carrying value of the land on that date was $30,000.
6. The retained earnings balance at December 31, 2013, in LBEX was $60,000. The total comprehensive income for the year ended December 31, 2013, was $28,000. The retained earnings of ILS at December 31, 2013 was $78,000.
Required
(a) Determine the consolidation adjustments for preparing the consolidated financial statements of ILS at December 31, 2013, using the full goodwill method. Assume the fair value of the non-controlling interest at January 1, 2010, was $67,000.
(b) Calculate the NCI€”equity as at December 31, 2013.
(c) Calculate the balance in consolidated retained earnings as at December 31, 2013.
(d) Assuming the following balances in the accounts of LBEX and ILS, respectively, calculate the balances in each of these accounts on the statement of financial position as at December 31, 2013.

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Carrying amount Fair value Current assets Inventory Accounts receivable Allowance for doubtful accounts 60,000 65,000 40,000 5,000 35,000 95,000 35,000 Total current assets Non-current assets Land Plant and equipment (at cost) 200,000 125,000 30,000 10,000 120,000 5,000 50,000 75,000 20,000 50,000 90,000 45,000 Accumulated depreciation Vehicles (at cost) Accumulated depreciation Buildings (at cost) Accumulated depreciation Trademark Other assets Goodwill 115,000 100,000 40,000 20,000 420,000 $515,000 115,000 100,000 40,000 Total non-current assets Total assets Equity Share capital Retained earnings $200,000 100,000 300,000 Total equity Current liabilities Accounts payable Dividend payable 40,000 20,000 60,000 40,000 20,000 Total current liabilities Non-current liabilities Bonds: 10-year, 5%, mature in 2020 175,000 155,000 215,000 $515,000 Total liabilities Total equity and liabilities LBEX ILS Account December 31, 2013 Plant and equipment Accumulated depreciation- plant and equipment Inventory Bonds 575,000 323,000 140,000 155,000 230,000 183,000 72,000