Allen Enterprises acquried Brookfiled Inc as a whooly owned subsidary on Januaary 1 2016 paying 1,739,400. The 550,000 excess of cost over book value of Brookfields's net asset was partly attributable to patent undervalue by $250,000. The patent has a 10 year life. The remaining excess is considered goodlwill. The parent uses the cost method of pre consolidation Equity investment book keeping. The seperate finanicial statements of the two comapines for 2020 are prensented below. Neith company issued additional shares after the aquisition Brookfiled by Allen The retained earnings balance for Brookfield, Inc. on the date of acquistion was $529,400. Prepare all necessary consolidation entries for 2020
			Consolidating entries
	Allen Enterprises	Brookfield, Inc.	DR		CR		Consolidated Total
Sales Revenue	$ 2,307,500	$ 1,067,500
Cost of Goods Sold	$ (1,581,400)	$ (740,500)
Gross Profit	$ 726,100	$ 327,000					$ -
Operating Expenses	$ (386,120)	$ (197,550)
Dividend Income	$ 104,450	$ -
Net Income	$ 444,430	$ 129,450					$ -
Retained Earnings, 1/1/20	$ 1,698,920	$ 884,870
Net income	$ 444,430	$ 129,450
Dividends	$ (81,940)	$ (104,450)
Retained Earnings, 12/31/20	$ 2,061,410	$ 909,870					$ -
Cash & Receivables	$ 635,760	$ 723,020
Inventory	$ 973,010	$ 614,120
Equity investment	$ 1,739,400	$ -
Property, plant & equipment (net)	$ 3,684,040	$ 1,291,210
Total Assets	$ 7,032,210	$ 2,628,350					$ -
Accounts Payable	$ 274,210	$ 182,430
Accrued Liabilities	$ 465,500	$ 272,390
Notes Payable	$ 870,000	$ 603,500
Common Stock	$ 405,230	$ 204,540
Additional Paid-in Capital	$ 2,955,860	$ 455,620
Retained Earnings, 12/31/20	$ 2,061,410	$ 909,870
Total Liabilities and Equities	$ 7,032,210	$ 2,628,350					$ -