the work you have completed so far. It does not indicate completion 4 5 oints 0 Return to question ProForm acquired 70 percent of ClipRite on June 30, 2020, for $1,050,000 in cash. Based on ClipRite's acquisition date fair value, an unrecorded intangible of $750,000 was recognized and is being amortized at the rate of $13,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $450,000 at the acquisition date. The 2021 financial statements are as follows: Proform clipite Sales $ (970,000) $ (940,000) Cost of goods sold 620,000 485.000 Operating expenses 270.000 185,000 Dividend income 163.000 Net Income $(143,000) 3 (270,000) Retained earnings, 1/1/21 5(2,200,000) $(1.020,000) Net income (143,000) Dividends declared (270,000) 270,000 90.000 Retained earnings, 12/31/21 $12,073,000) $(1,200,000) Cash and receivables 570,000 470,000 Inventory 460,000 870,000 Investment in cliprite 1,050,000 Fixed assets 1,400,000 1,450,000 Accumulated depreciation 200.000) 1400,000 Totala $ 3,180.000 $ 2,390,000 Liabilities $ (707,000) (790,000) Common stock (400,000) (400,000) Retained earnings, 12/31/21 12.075.000 (1.200.000) $ $ C aw eck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 7 Return to question Retained earnings, 12/31/21 (2,073,000) (1,200,000) Totals $(3,180,000) $(2,390,000) (Note: Parentheses indicate a credit balance.) ClipRite sold ProForm Inventory costing $86,000 during the last six months of 2020 for $260,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $285.poo during 2021 for $420,000. 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 Answer is not complete. Consolidated Balance Dalam 1 non t Inventory Noncontrolling Interest in Subsidiary, 12/31/21 Answer is not complete. 25 points Sales Constlidated Balance $ 1,490,000 $ 646,300 $ 468,000 Cost of goods sold Operating expenses Dividend income Net Income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/21 1,316,500 the work you have completed so far. It does not indicate completion 4 5 oints 0 Return to question ProForm acquired 70 percent of ClipRite on June 30, 2020, for $1,050,000 in cash. Based on ClipRite's acquisition date fair value, an unrecorded intangible of $750,000 was recognized and is being amortized at the rate of $13,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $450,000 at the acquisition date. The 2021 financial statements are as follows: Proform clipite Sales $ (970,000) $ (940,000) Cost of goods sold 620,000 485.000 Operating expenses 270.000 185,000 Dividend income 163.000 Net Income $(143,000) 3 (270,000) Retained earnings, 1/1/21 5(2,200,000) $(1.020,000) Net income (143,000) Dividends declared (270,000) 270,000 90.000 Retained earnings, 12/31/21 $12,073,000) $(1,200,000) Cash and receivables 570,000 470,000 Inventory 460,000 870,000 Investment in cliprite 1,050,000 Fixed assets 1,400,000 1,450,000 Accumulated depreciation 200.000) 1400,000 Totala $ 3,180.000 $ 2,390,000 Liabilities $ (707,000) (790,000) Common stock (400,000) (400,000) Retained earnings, 12/31/21 12.075.000 (1.200.000) $ $ C aw eck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 7 Return to question Retained earnings, 12/31/21 (2,073,000) (1,200,000) Totals $(3,180,000) $(2,390,000) (Note: Parentheses indicate a credit balance.) ClipRite sold ProForm Inventory costing $86,000 during the last six months of 2020 for $260,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $285.poo during 2021 for $420,000. 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 Answer is not complete. Consolidated Balance Dalam 1 non t Inventory Noncontrolling Interest in Subsidiary, 12/31/21 Answer is not complete. 25 points Sales Constlidated Balance $ 1,490,000 $ 646,300 $ 468,000 Cost of goods sold Operating expenses Dividend income Net Income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/21 1,316,500