Akron, Inc., owns all outstanding stock of Toledo Corporation. Amortization expense of $15,000 per year for patented technology resulted from the original acquisition. For 2018, the companies had the following account balances: $ Sales Cost of goods sold Operating expenses Investment income Dividends declared Akron Toledo 1,100,000 $ 600,000 500,000 400,000 400,000 22e, eee Not given 80,000 30,000 Intra-entity sales of $320,000 occurred during 2017 and again in 2018. This merchandise cost $240.000 each year of the total transfers, $70,000 was still held on December 31, 2017 with $50,000 unsold on December 31, 2018 a. Prepare the consolidation entries required by Akron in 2018 b. Prepare a consolidated income statement for the year ending December 31, 2018. Complete this question by entering your answers in the tabs below. Required A Required Prepare the consolidation entries required by required in the first account field.) entry is required for a transaction/event, select "No journal ent view transaction list Consolidation Worksheet Entries 1 2 3 4 Prepare Entry "G to remove the 2017 intra-entity gross profit from the beginning account balances. Note: Enter debits before credits Debit Credit Transaction 2 3 4 Prepare Entry *G to remove the 2017 intra-entity gross profit from the beginning account balances. Note: Enter debits before credits. Transaction Accounts Debit Credit Record entry Clear entry view consolidation el 2 3 4 Prepare Entry E to recognize the excess amortization expense for the current period. Note: Enter debits before credits. Accounts Debit Credit Transaction 2 Record entry Clear entry view consolidation en Prepare Entry TI to eliminate the intra-entity transfers of inventory during 2018. Note: Enter debits before credits. Transaction Accounts Debit Credit - Record entry Clear entry view consolidatio