1- Pitino acquired 80 percent of Brey's outstanding shares on January 1, 2016, in exchange for $369,000 in cash. The subsidiary's stockholders' equity accounts totaled $353,000 and the noncontrolling interest had a fair value of $92,250 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $19,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (five-year remaining life) Brey reported net income from its own operations of $67,000 in 2016 and $83,000 in 2017. Brey declared dividends of $18,000 in 2016 and $22,000 in 2017 Inventory Remaining at Year-End (at transfer price) YearCost to BreyTransfer Price to Pitino 2016$ 72,000 $ 2017 97,500 2018 87,500 130,000 $ 150,000 175,000 28,000 40,500 50,000 At December 31, 2018, Pitino owes Brey $19,000 for inventory acquired during the period The following separate account balances are for these two companies for December 31, 2018, and the year then ended Note: Parentheses indicate a credit balance Pitino Brey S (868,000) $(381,000) Sales revenues Cost of goods sold Expenses Equity in earnings of Brey 518,000 212,000 185,700 64,000 (59,540 Net income Retained earnings, 1/1/18 Net income (above) Dividends declared S (223,840) $(105,000) S (494,000) $(284,000) (223,840) (105,000) 132,000 22,000 Cash and receivables Inventory Investment in Brey Retained earnings, 12/31/18 (585,840) $(367,000) $ 149,000 $ 101,000 270,000 151,000 456,000 Land, buildings, and equipment (nt) 967.000 331.000 $ 1,842,000 $ 583,000 Total assets Liabilities Common stock Retained earnings, 12/31/18 $ (726,160) $ (37,000) (530,000) (179,000) (585,840) (367.000) $(1,842,000) $(583,000) Total liabilities and equity REQUIRED Prepare a consolidated worksheet for this