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# Large Ltd. purchased 80% of Small Company on January 1, Year 6, for $660,000, when the... ###### Question: Large Ltd. purchased 80% of Small Company on January 1, Year 6, for$660,000, when the statement of financial position for Small showed common shares of $490,000 and retained earnings of$190,000. On that date, the inventory of Small was undervalued by $51,000, and a patent with an estimated remaining life of five years was overvalued by$76,000.

Small reported the following subsequent to January 1, Year 6:

 Profit (Loss) Dividends Year 6 $116,000$ 34,000 Year 7 (44,000 ) 19,000 Year 8 99,000 49,000

A test for goodwill impairment on December 31, Year 8, indicated a loss of $20,200 should be reported for Year 8 on the consolidated income statement. Large uses the cost method to account for its investment in Small and reported the following for Year 8 for its separate-entity statement of changes in equity:  Retained earnings, beginning$ 590,000 Profit 290,000 Dividends (61,000 ) Retained earnings, end $819,000 (b) Compute the following on the consolidated financial statements for the year ended December 31, Year 8: (Omit$ sign in your response.)

(i) Goodwill

Goodwill           $(ii) Non-controlling interest on the statement of financial position Non-controlling interest$

(iii) Retained earnings, beginning of year

Retained earnings, beginning of year           $(iv) Profit attributable to Large’s shareholders Profit attributable to Large’s shareholders$

(v) Profit attributable to non-controlling interest

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