Bennett acquired 80 percent of Zeigler on June 30, 2012, for $800,000 in cash. Based on Zeigler’s acquisition-date fair value, only one unrecorded intangible of $500,000 was recognized and is being amortized at the rate of $17,000 per year. The noncontrolling interest fair value was assessed at $200,000 at the acquisition date. The 2013 financial statements are as follows:

Bennett acquired 80 percent of Zeigler on June 30, 2012, for $800,000 in cash. Based on Zeigler’s acquisition-date fair value, only one unrecorded intangible of $500,000 was recognized and is being amortized at the rate of $17,000 per year. The noncontrolling interest fair value was assessed at $200,000 at the acquisition date. The 2013 financial statements are as follows:

 

		Bennett			Zeigler
Sales	$	(920,000	)	$	(840,000	)
Cost of goods sold		595,000			460,000
Operating expenses		220,000			160,000
Dividend income		(80,000	)		0
Net income	$	(185,000	)	$	(220,000	)
Retained earnings, 1/1/13	$	(2,100,000	)	$	(970,000	)
Net income		(185,000	)		(220,000	)
Dividends paid		220,000			100,000
Retained earnings, 12/31/13	$	(2,065,000	)	$	(1,090,000	)
Cash and receivables	$	520,000		$	420,000
Inventory		410,000			820,000
Investment in Zeigler		1,030,000			0
Fixed assets		1,100,000			1,200,000
Accumulated depreciation		(200,000	)		(350,000	)
Totals	$	2,860,000		$	2,090,000
Liabilities	$	(195,000	)	$	(400,000	)
Common stock		(600,000	)		(600,000	)
Retained earnings		(2,065,000	)		(1,090,000	)
Totals	$	(2,860,000	)	$	(2,090,000	)

Note: Parentheses indicate a credit balance.

Bennett sold Zeigler inventory costing $81,000 during the last six months of 2012 for $210,000. At year-end, 30 percent remained. Bennett sells Zeigler inventory costing $260,000 during 2013 for $370,000. At year-end, 20 percent is left.

 

Determine the consolidated balances for the accounts: (Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values.)

 

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