1. on January 1, 2014, night corporation acquired 90 percent of the outstanding voting stock of Saturday Company in exchange for $657,000 cash. On that date, 10 percent of non-controlling interest was assessed to have a $73000 fair value. Purchase book value is $620,000. Also, at the acquisition date, Saturday held equipment (4-year remaining life) undervalued on the financial records by $20,000 and interest-bearing liabilities (5 year remaining life) overvalued by $40,000. The rest of the excess fair value over book value was assigned to previously unrecognized brandnames and amortized over 10-year life. Each year Saturday sells Night inventory at a 20 percent gross profit rate. Intra-entity sales were $145,000 in 2014 and $160,000 in 2015. On January 1, 2015, 30 percent of the 2014 transfers were still on hand, and on December 31, 2015, 40 percent of the 2015 transfers remained. Night sold Saturday a building on January 2, 2014. It had cost Night $100,000 but had $90,000 in accumulated depreciation at the time of this transfer. The price was $25,000 in cash. At that time, the building had a 5-year remaining life. Requirement prepare elimination entries for 2015. a. 1. on January 1, 2014, night corporation acquired 90 percent of the outstanding voting stock of Saturday Company in exchange for $657,000 cash. On that date, 10 percent of non-controlling interest was assessed to have a $73000 fair value. Purchase book value is $620,000. Also, at the acquisition date, Saturday held equipment (4-year remaining life) undervalued on the financial records by $20,000 and interest-bearing liabilities (5 year remaining life) overvalued by $40,000. The rest of the excess fair value over book value was assigned to previously unrecognized brandnames and amortized over 10-year life. Each year Saturday sells Night inventory at a 20 percent gross profit rate. Intra-entity sales were $145,000 in 2014 and $160,000 in 2015. On January 1, 2015, 30 percent of the 2014 transfers were still on hand, and on December 31, 2015, 40 percent of the 2015 transfers remained. Night sold Saturday a building on January 2, 2014. It had cost Night $100,000 but had $90,000 in accumulated depreciation at the time of this transfer. The price was $25,000 in cash. At that time, the building had a 5-year remaining life. Requirement prepare elimination entries for 2015. a