ProForm acquired 70 percent of ClipRite on June 30, 2020, for $910,000 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 $10,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2021 financial statements are as follows:

ProForm acquired 70 percent of ClipRite on June 30, 2023, for $1,400,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $640,000 was recognized and is being amortized at the rate of $16,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $600,000 at the acquisition date. The 2024 financial statements are as follows Itens sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net Income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in cliptite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 Totals Proform $ (910,000) 590,000 210,000 (63,000) $ (173,000) $ (2,000,000) (173,000) 210,000 Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/24 $…

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