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On December 31, Year 4. RAV Company purchased 60% of the outstanding common shares of ENS Company for $1.320,000. On that date, ENS had common shares of $500,000 and retained earnings of $110,000. In negotiating the purchase price, it was agreed that recorded assets and liabilities were fairly valued except for equipment, which had a $24.000 excess of carrying amount over fair value, and land, which had a $148,000 excess of fair value over carrying amount. The equipment had a remaining useful life of six years at the acquisition date and no salvage value. ENS did not record the fair value deficiency on the equipment because ENS felt that it would recover the carrying amount of this equipment through future cash flows. In addition, ENS registered and owns a number of Internet domain names, which are estimated to be worth $98,000. The right to the names expires in 12 years but the registration can be renewed for 20 years every 20 years, for a nominal fee. The adjusted trial balances for RAV and ENS for the year ended December 31, Year 8. were as follows: $ INS 93,000 244,000 311,00 350,000 675,800 403,000 Cash Accounts receivable Inventory Land Building (net) Equipment (net) Investment in ENS Cost of goods purchased Change in inventory Amortizatiob expense Income taxes and other expenses Dividends paid Total debits Accounts payable Long-term debt Common shares Retained earnings, beginning Sales Other revenues Equity method income from ENS Total credits RAV $ 185,600 254,600 638,880 740,000 890,000 726,000 663,000 2,394,000 96,000 204,000 906,000 390,000 $8,078,000 $ 483,000 290,400 1,200,000 609,000 5,120,000 111,000 264,600 $8,078, 800 2,487,000 (48,eee) 102.000 450,000 250,000 $5,237,000 $332,000 756,000 500,000 279,000 3,370,000 35,237,000 Additional Information: Every year, goodwill is evaluated to determine if there has been a loss. The recoverable amount for ENS's goodwill was valued at $98,000 at the end of Year 7 and $75,000 at the end of Year 8. RAV's inventories contained $450,000 of merchandise purchased from ENS at December 31, Year 8, and $400.000 at December 31 Year 7. During Year 8. sales from ENS to RAV were $670,000. Merchandise was priced at the same profit margin as applicable to other customers. RAV owed $186,000 to ENS at December 31, Year 8, and $194,000 at December 31, Yeat 7 . On July 1, Year 5. ENS purchased a building from RAV for $786.000. The building had an original cost of $836,000 and a carrying amount of $636,000 on RAV's books on July 1. Year 5. ENS estimated the remaining life of the building was 15 years at the time of the purchase from RAV. ENS rented another building from RAV throughout the year for $8,000 per month RAV uses the equity method of accounting for its long-term investments. . Both companies pay tax at the rate of 40%, Ignore deferred income taxes when allocating and recording changes to the acquisition differential a Required: a) Prepare a konsolidated income statement for the year ended December 31, Year 8. (Enter your answers in thousands of dollars. ound your "Shareholders of RAV" and "Non-controlling interest" answers to 1 decimal place. Input all values as positive umbers.) Consolidated Income Statement December 31, Year 8. Sales Total revenues $ 0 Required: (a) Prepare a consolidated income statement for the year ended December 31, Year 8. (Enter your answers in thousands of dollars. Round your "Shareholders of RAV" and "Non-controlling interest" answers to 1 decimal place. Input all values as positive numbers.) Consolidated Income Statement December 31, Year 8. Sales Total revenues $ 0 Total expenses $ Attributable to Shareholders of RAV Non-controlling interest (b) Prepare the current assets, property, plant, and equipment and intangible assets sections of the consolidated balance sheet at December 31, Year 8. (Enter your answers in thousands of dollars.) Consolidated Balance Sheet December 31, Year 8 Current assets Accounts receivable inventory Property, plant & equipment hand Building - net Equipment-net Intangible assets Goodwill (c) Calculate non controlling interest on the consolidated balance sheet at December 31, Year 7 (Enter your answer in thousands of dollars. Round your answer to 2 decimal places. Omit S sign in your response.) Non-controlling interest $ On December 31, Year 4. RAV Company purchased 60% of the outstanding common shares of ENS Company for $1.320,000. On that date, ENS had common shares of $500,000 and retained earnings of $110,000. In negotiating the purchase price, it was agreed that recorded assets and liabilities were fairly valued except for equipment, which had a $24.000 excess of carrying amount over fair value, and land, which had a $148,000 excess of fair value over carrying amount. The equipment had a remaining useful life of six years at the acquisition date and no salvage value. ENS did not record the fair value deficiency on the equipment because ENS felt that it would recover the carrying amount of this equipment through future cash flows. In addition, ENS registered and owns a number of Internet domain names, which are estimated to be worth $98,000. The right to the names expires in 12 years but the registration can be renewed for 20 years every 20 years, for a nominal fee. The adjusted trial balances for RAV and ENS for the year ended December 31, Year 8. were as follows: $ INS 93,000 244,000 311,00 350,000 675,800 403,000 Cash Accounts receivable Inventory Land Building (net) Equipment (net) Investment in ENS Cost of goods purchased Change in inventory Amortizatiob expense Income taxes and other expenses Dividends paid Total debits Accounts payable Long-term debt Common shares Retained earnings, beginning Sales Other revenues Equity method income from ENS Total credits RAV $ 185,600 254,600 638,880 740,000 890,000 726,000 663,000 2,394,000 96,000 204,000 906,000 390,000 $8,078,000 $ 483,000 290,400 1,200,000 609,000 5,120,000 111,000 264,600 $8,078, 800 2,487,000 (48,eee) 102.000 450,000 250,000 $5,237,000 $332,000 756,000 500,000 279,000 3,370,000 35,237,000 Additional Information: Every year, goodwill is evaluated to determine if there has been a loss. The recoverable amount for ENS's goodwill was valued at $98,000 at the end of Year 7 and $75,000 at the end of Year 8. RAV's inventories contained $450,000 of merchandise purchased from ENS at December 31, Year 8, and $400.000 at December 31 Year 7. During Year 8. sales from ENS to RAV were $670,000. Merchandise was priced at the same profit margin as applicable to other customers. RAV owed $186,000 to ENS at December 31, Year 8, and $194,000 at December 31, Yeat 7 . On July 1, Year 5. ENS purchased a building from RAV for $786.000. The building had an original cost of $836,000 and a carrying amount of $636,000 on RAV's books on July 1. Year 5. ENS estimated the remaining life of the building was 15 years at the time of the purchase from RAV. ENS rented another building from RAV throughout the year for $8,000 per month RAV uses the equity method of accounting for its long-term investments. . Both companies pay tax at the rate of 40%, Ignore deferred income taxes when allocating and recording changes to the acquisition differential a Required: a) Prepare a konsolidated income statement for the year ended December 31, Year 8. (Enter your answers in thousands of dollars. ound your "Shareholders of RAV" and "Non-controlling interest" answers to 1 decimal place. Input all values as positive umbers.) Consolidated Income Statement December 31, Year 8. Sales Total revenues $ 0 Required: (a) Prepare a consolidated income statement for the year ended December 31, Year 8. (Enter your answers in thousands of dollars. Round your "Shareholders of RAV" and "Non-controlling interest" answers to 1 decimal place. Input all values as positive numbers.) Consolidated Income Statement December 31, Year 8. Sales Total revenues $ 0 Total expenses $ Attributable to Shareholders of RAV Non-controlling interest (b) Prepare the current assets, property, plant, and equipment and intangible assets sections of the consolidated balance sheet at December 31, Year 8. (Enter your answers in thousands of dollars.) Consolidated Balance Sheet December 31, Year 8 Current assets Accounts receivable inventory Property, plant & equipment hand Building - net Equipment-net Intangible assets Goodwill (c) Calculate non controlling interest on the consolidated balance sheet at December 31, Year 7 (Enter your answer in thousands of dollars. Round your answer to 2 decimal places. Omit S sign in your response.) Non-controlling interest $