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  3. proform acquired 60 percent of cliprite on june 30

ProForm acquired 60 percent of ClipRite on June 30,2023 , for $1,380,000 in cash. Based...

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Accounting

imageimage ProForm acquired 60 percent of ClipRite on June 30,2023 , for $1,380,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $840,000 was recognized and is being amortized at the rate of $21,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $920,000 at the acquisition date. The 2024 financial statements are as follows: Note: Parentheses indicate a credit balance. ProForm sold ClipRite inventory costing $94,000 during the last six months of 2023 for $170,000. At year-end, 30 percent remained. ProForm sold ClipRite inventory costing $325,000 during 2024 for $500,000. At year-end, 10 percent is left. Required: With these facts, determine the consolidated balances for the following: Note: Input all amounts as positive values. \begin{tabular}{|l|l|} \hline & \begin{tabular}{c} Consolidated \\ Balance \end{tabular} \\ \hline Sales & \\ \hline Cost of goods sold & \\ \hline Operating expenses & \\ \hline Dividend income & \\ \hline Net income attributable to noncontrolling interest & \\ \hline Inventory & \\ \hline Noncontrolling interest in subsidiary, 12/31/24 & \\ \hline \end{tabular}

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