can you please check my work and help me compute the missing journal entries

basic consolidation

reversal of last years deferral

deferral of the 20x7 unrealized profits on the inventory transfer

eliminate the intercompany dividend payable/reveivable

also HELP me fix the consolidated worksheet

Overview You are a financial accountant for Posey Company tasked with preparing consolidation documentation at year end. You have the following information: December 31, 20X5 Posey Company acquired 90% of Stargell Corporation's outstanding common stock for $1,116,900. On that date: The fair value of the noncontrolling interest was $124,100; Stargell reported common stock outstanding of $487,000, premium on common stock of $267,000, and retained earnings of $407,000; the book values and fair values of Stargell's assets and liabilities were equal except for land, which was worth $30,000 more than its book value. . On April 1, 20X6 Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable March 31 and September 30. On January 2, 20X7 Posey purchased all of Stargell's outstanding 10-year, 12% bonds from an unrelated institutional investor at 98. The bonds originally had been issued on January 2, 20x1, for 101. Interest on the bonds is payable December 31 and June 30. Since the date it was acquired by Posey Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales totaled $67,000 in 20x6 and $83,000 in 20x7, including a 30% gross profit. All inventory transferred in 20x6 had been resold by December 31, 20X6, except inventory for which Posey had paid $18,000 and did not resell until January 20x7. All inventory transferred in 20x7 had been resold at December 31, 20X7, except merchandise for which Posey had paid $16,667. . As of December 31, 20x7 Stargell had declared but not yet paid its fourth quarter dividend of $12,750. Both Posey and Stargell use straight-line depreciation and amortization, including the amortization of bond discount and premium. On December 31, 20x7. Posey's management reviewed the amount attributed to goodwill as a result of its purchase of Stargell common stock and concluded that an impairment loss in the amount of $25,000 had occurred during 20x7 and should be shared proportionately between the controlling and noncontrolling interests. Posey uses the fully adjusted equity method to account for its investment in Stargell. . . Page Layout Formulas Data review VE Calibri 11 Wrap Text Merge & Center BIU General $ % -09 Conditional Formatting Number at Painter Font Alignment 8 F J G H On December 31, 20X7 trial balances for Posey and Stargell appeared as follows: $ $ Posey Manufacturing Debit Credit 49,500 121,500 317,000 1,243,800 Stargell Corporation Debit 39,000 90,100 364,900 985,000 Item Cash Current Receivables Inventory Investment in Stargell Stock Investment in Stargell Bonds Investment in Posey Bonds Land Buildings & Equipment Cost of Goods Sold Depreciation & Amortization Other Expenses Dividends Declared 1,241,000 2,940,000 1,829,000 184,000 632,000 61,000 200,000 518,000 1,915,000 426,000 65,000 206,000 51,000 $ 1,050,000 $ 597,000 699,190 200,000 Accumulated Depreciation Current Payables Bonds Payable Premium on Bords Payable Common Stock Premium on Common Stock Retained Earnings, January 1 Sales Other Income Income from Stargell Corp Total 213,000 1,000,000 3,000 487,000 267,000 910,000 610,000 2,848,950 3,010,000 143,000 132,660 $9.803,800 457,000 801,000 50.000 $ 9603 800 $ 3,875,000 $ 3875 000 Thalalan 2017 Supporting calculation Lanson Type here to search important docur Formulas Data Page Layout Insert Review View Calin 11 General Norm Wrap Text $ Merge Center BU Check Painter % 24 Conditional Format Formatting a Table Number Font Alignment B E D Stargell Corp: Posey Co. DR CR Consolidated 78,000 3,733,000 3,010,000 143,000 (1,829,000) (184,000) (632,000) 801.000 50,000 (426,000) (65,000) (206,000) 25,000 Income Statement Sales Other Income Less: COGS Less: Depr. & Amort. Expense Less: Other Expenses Goodwill Impairment loss Gain on Bond Retirement Income from Stargel Corp. Consolidated Net Income NCT in Net Income Controlling Interest in NI Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet (2,255,000) (249,000) (838,000) (25,000) 24,000 132,660 522,660 24,000 132,660 132,660 640,660 154,000 640,660 154,000 156,660 522,660 2,848,950 640,660 (61,000) 3,428,610 457.000 154,000 (51,000) 560,000 3,305.950 794,660 (112,000) 3,988,610 49,500 121,500 312,000 1,241,000 2,940,000 (1,050,000) 1,243,000 985,000 39,000 90, 100 364,900 518,000 1.915.000 (597.000) 1,759,000 4,855,000 (1,6-47.000) 1.243,800 985,000 200,000 200,000 Current Receivables Inventory Land Thuldings & Equipment Less: Accumulated Depreciation Investment in Stargell Stock Investment in Stangel Bonds Investment in Pony Bonds Goodwill Total Assets Labilities & Equity Current Payable Honds Payable Premium on Bondu Payable Common stock Premium on Commenstock hatan dan NCHINA o Stargall Corp Total Liabilities & Equity 5,847,800 2.5.10,000 7.395.000 699,190 200,000 912, 190 213,000 1,000,000 3,000 407,000 267,000 457.000 910.000 610.000 1,200,000 3.000 187,000 267,000 010,000 D10,000 205.960 2.427.000 1.917.000 Milestone One instructions Credit Record the basic consolidatio Debit 487.000 457.000 267,000 Accounts Common Stock Retained Earnings Premium on common stock Income from Stargell Corp NCI in Nl of Stargell Dividends declared Investement in Stargell NCI IN NA of Stargell 154,000 15.400 51000 25,000 Goodwill impairment loss income from Stargell NCHI NA of Stargell Record the amortized excess value fer. 22.500 2.500 Land Goodwill Investment in Stargell NCI in NA of Stargal 30,000 25,000 Record the excess value (differential 49.500 5,500 Yablos D evestment in Stargell NCI IN NA of Stangel Cost of Goods Sold Record the reversal of last year's deferral w bonds E Sales Cost Of Goods sold 78 000 Record the deferral of the 20x7 unread bonds Bonde Payable Westment in Pusey's 200.000 200,000 G Other scene 20.000 om Styles H G Inventory F Bonds Payable Investment in Posey's 200,000 bond 200,000 G Other income 20.000 20.000 H Current Payable Current Receivables 5,000 5,000 1,000,000 3,000 Bonds Payable Premium on bonds payable Other Income (interest Investment in Stargell gain on retirement of bonds 125,000 985 000 24,000 oher expenses interest 119,000 Current payable current receivable Record the entry to eliminate the intercom Contato Entre