Alpha Corporation purchased 80% of Bela Company on January 1, 2020, for $149,280. On that date, the non controlling interest had a fair value of $37.320 and Beta reported common stock outstanding of $100,000 and retained earnings of $50,000. The differential is partially comprised as follows: Asset Building and Equipment Patents Inventory Remaining Life 10 years 5 years Value $20,000 10,000 5,000 During 2020 Beta had income of $45,000 and paid dividends of $10,000. Alpha uses the equity method in accounting for its ownership of Beta. On December 31, 2021 the trail balance of the companies are as follows. Alpha Corporation Beta Company Income Statement Sales 200,000 175,000 Cost of Goods Sold -99,800 -61,000 Depreciation Expense -25,000 -17,400 Interest Expense -6,000 -14,000 Income From Subsidiary 32,504 Consolidated Net Income 101,704 82,600 Statement of Retained Earnings Beginning Balance 228,560 85,000 Net Income 101,704 82,600 Less: Dividends Declared -40,000 -20,000 Ending Balance 290,264 147,600 Balance Sheet Cash & Accounts Receivable 81,400 39.200 Inventory 89,383 135,000 Investment in Beta 173,784 Investment in Bonds of Beta 94,823 Land 40,000 30.000 Buildings & Equipment 504,000 362,000 Accumulated Depreciation -168,000 -77,400 Total Assets 815,390 488,800 Accounts Payable Bonds Payable Bond Premium Common Stock 246.926 41,200 80,000 200,000 1,200 200.000 100,000 Retained Earnings Total Liabilities & Equity 290,264 815,390 147,600 488,800 Beta sold inventory costing $54,000 to Alpha for $101,895 in 2020. Alpha held $11,000 in inventory at the end of 2020. Bela sold inventory costing $97,000 to Alpha in 2021 for $194.000 Alpha held $20,000 in inventory at the end of 2021. On 1/1/2020 Alpha sold equipment with a book value of $9.000 to Beta for $12,000. The equipment originally cost Alpha $16.000. The equipment has a remaining life of 5 years at 1/1/2020. On January 1, 2020 Beta issues 10-year, 11% bonds payable with a par value of $100,000. The bonds are issued at a premium, $106,231 to yield the current market interest rate of 10%. A nonaffiliated investor purchases the bonds from Beta. The bonds pay Interest on June 30 and December 31. Both Alpha and Beta amortize the bond premium and discount using the effective interest rate. On December 31, 2020 Alpha purchases the bonds from the nonaffiliated investor for $94,377. Allocation of Acquisition Values Acquisition Value Total 186,600 Goodwill 1,600 FV and Asset 185,000 Excess Value Net Assets 35,000 150,000 Investment - Beta 149,280 NCI 37,320 1. Record the equity entries made by Alpha for 2020 and 2021. 2. Prepare the analysis and entries required for the worksheet in 2020 and 2021