7 ProForm acquired 60 percent of ClipRite on June 30, 2020, for $1,140,000 in cash. Based on ClipRite's acquisition-date fair value, anunrecorded intangible of $400,000 was recognized and is being amortized at the rate of $15,000 per year. No goodwill wasrecognized in the acquisition. The noncontrolling interest fair value was assessed at $760,000 at the acquisition date. The 2021financial statements are as follows:SalesCost of goods soldOperating expensesDividend incomeNet incomeRetained earnings, 1/1/21Net incomeDividends declaredRetained earnings, 12/31/21Cash and receivablesInventoryInvestment in ClipRiteFixed assetsAccumulated depreciationTotalsLiabilitiesCommon stockRetained earnings, 12/31/21TotalsSalesCost of Goods SoldProForm$ (900,000)585,000200,000(48,000)$ (163,000) $ (200,000)$(2,300,000)(163,000)200,000$(2,263,000)$ 500,000390,0001,140,0002,000,000(700,000)$ 3,330,000$ (667,000)(400,000)(2,263,000)$ (3,330,000)Operating ExpensesDividend IncomeNet Income Attributable to Noncontrolling InterestSalesCost of goods soldOperating expensesDividend incomeNet income attributable to noncontrolling interestInventoryNoncontrolling interest in subsidiary, 12/31/21InventoryNoncontrolling Interest in Subsidiary, 12/31/21ClipRite$ (800,000)450,000150,0000(Note: Parentheses indicate a credit balance.)ClipRite sold ProForm inventory costing $79,000 during the last six months of 2020 for $190,000. At year-end, 30 percent remained.ClipRite sold ProForm inventory costing $250,000 during 2021 for $350,000. At year-end, 10 percent is left.Determine the consolidated balances for the following: (Input all amounts as positive values.)$ (950,000)(200,000)80,000$(1,070,000)400,000800,0000$$$$$$$$1,100,000(250,000)$ 2,050,000$ (580,000)(400,000)(1,070,000)$(2,050,000)X Answer is complete but not entirely correct.ConsolidatedBalance1,350,000661,700365,000083,3201,180,000615,000 X

Consolidated balance sheet is a financial statement that shows the financial position of the parent…

ProForm acquired 60 percent of ClipRite on June 30, 2020, for $1,140,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $15,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $760,000 at the acquisition date. The 2021 financial statements are as follows: Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Dividends declared. Retained earnings, 12/31/21 Cash and receivables Inventory Investment in ClipRite Fixed assets Accumulated depreciation. Totals Liabilities Common stock Retained earnings, 12/31/21 Totals Sales Cost of Goods Sold ProForm ClipRite $ (900,000) $ (800,000) 450,000 585,000 200,000 (48,000) 150,000 0 $ (163,000) $ (200,000) $ (950,000) (200,000) 80,000 $(1,070,000) $ 400,000 800,000 0 $(2,300,000) (163,000) 200,000 $(2,263,000) $ 500,000 390,000 1,140,000 2,000,000 (700,000) $ 3,330,000 $ (667,000) (400,000) (2,263,000) $(3,330,000) (Note: Parentheses indicate a credit balance.) ClipRite sold ProForm inventory costing $79,000 during the last six months of 2020 for $190,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $250,000 during 2021 for $350,000. 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 Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling Interest in Subsidiary, 12/31/21 1,100,000 (250,000) $ 2,050,000 $ (580,000) (400,000) (1,070,000) $(2,050,000) > Answer is complete but not entirely correct. Consolidated Balance $ $ $ $ $ $ $ 1,350,000 661,700 365,000 0✓ 83,320 1,180,000✔ 615,000