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 $ 600,000 500,000 400,000 400,000 220,000 Not given 0 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 B Prepare the consolidation entries required by Akron in 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 12 3 4 > Prepare Entry *G to remove the 2017 intra-entity gross profit from the beginning account balances. Note: Enter debits before credits. Accounts Debit Credit Transaction 1 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries 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 entries Consolidation Worksheet Entries Prepare Entry G to remove the 2018 intra-entity gross profit from the ending account balances. Note: Enter debits before credits. Accounts Debit Credit Transaction 4 Record entry Clear entry view consolidation entries Complete this question by entering your answers in the tabs below. Required A Required B Prepare a consolidated income statement for the year ending December 31, 2018. AKRON, INC. AND CONSOLIDATED SUBSIDIARY Income Statement Year Ending December 31, 2018