Question: Please answer this question, if you answer correctly I will give you a like, Thank you! ProForm acquired 80 percent of ClipRite on June 30,2020


Please answer this question, if you answer correctly I will give you a like, Thank you!
ProForm acquired 80 percent of ClipRite on June 30,2020 , for $1,280,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $800,000 was recognized and is being amortized at the rate of $14,000 per year. No goodwill was ecognized in the acquisition. The noncontrolling interest fair value was assessed at $320,000 at the acquisition date. The 2021 inancial statements are as follows: Note: Parentheses indicate a credit balance.) ClipRite sold ProForm inventory costing $87,000 during the last six months of 2020 for $270,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $290,000 during 2021 for $430,000. At year-end, 10 percent is left. Determine the consolidated balances for the following: (Input all amounts as positive values.) ClipRite sold ProForm inventory costing $87,000 during the last six months of 2020 for $270,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $290,000 during 2021 for $430,000. At year-end, 10 percent is left. Determine the consolidated balances for the following: (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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