Check my work On January 1, 2016, Alpha acquired 80 percent of Delta. Of Delta's total business fair value, $157,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on January 1, 2017, Delta obtained 70 percent of Omega's outstanding voting shares. In this second acquisition, $126,600 of Omega's total business fair value was assigned to copyrights that had a remaining life of 12 years. Delta's book value was $635,000 on January 1, 2016 and Omega reported a book value of $159,500 on January 1, 2017. points Delta has made numerous inventory transfers to Alpha since the business combination was formed. Intra-entity gross profits of $22,200 were present in Alpha's inventory as of January 1, 2018. During the year, $223,000 in additional intra-entity sales were made with $24.530 in Intra-entity gross profits in inventory remaining at the end of the period. eBook Print Both Alpha and Delta utilized the partial equity method to account for their investment balances. References Following are the individual financial statements for the companies for 2018 with consolidated totals. $ $ Alpha Company $(1,117,200) 571,000 393,000 (180, 800) $ (334,000) Delta Company (582,520) 278,000 132,000 (53,480) (226,000) Omega Company (285,900) 143,000 66,500 Consolidated Totals $(1,762,620) 771,330 609,900 $ $ (76,400) Sales Cost of goods sold Operating expenses Income of subsidiary Separate company net income Consolidated net income Net income attributable to noncontrolling interest (Delta Company) Net income attributable to noncontrolling interest (Omega Company) $ (381,390) 41,687 19,755 CIELKY WUIK LUIZUILUULLU TILLIILI 20, 41,687 $ $ points $ (822,500) (334,000) 50,000 $(1,106,500) $ 452,100 357,000 806,400 (545,000) (226,000) 40,000 (731,000) 247,250 345,000 $ $ Net income attributable to noncontrolling interest (Delta Company) Net income attributable to noncontrolling interest (Omega Company) Net income attributable to Alpha Company Retained earnings, 1/1/18 Net income (above) Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Delta Company Investment in Omega Company Property, plant, and equipment Copyrights Total assets Liabilities Common stock Retained earnings, 12/31/18 Noncontrolling interest in Delta Company, 12/31/18 Noncontrolling interest in Omega Company, 12/31/18 Total liabilities and equities 19,755 $ (319,948) $ (786,272) (319,948) 50,000 $(1,056,220) $ 797,250 870,470 eBook (119,500) (76,400) 60,000 (135,900) 97,900 193,000 $ $ Print References 253,750 515,000 516,000 299,000 $ $ 2,131,500 $ (825,000 (200,000 (1,106,500) $ 1,361,000 (510,000) (120,000) (731,000) 589,900 (354,000) (100,000) (135,900) 1,330,000 - 238,950 $ 3, 236,670 $(1,689,000) (200,000) (1,056,220) (189,030) (102,420) $ (3,236,670) $(2,131,500) $(1,361,000) $ (589,900) Develop the worksheet entries necessary to derive these reported balances: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Check my work On January 1, 2016, Alpha acquired 80 percent of Delta. Of Delta's total business fair value, $157,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on January 1, 2017, Delta obtained 70 percent of Omega's outstanding voting shares. In this second acquisition, $126,600 of Omega's total business fair value was assigned to copyrights that had a remaining life of 12 years. Delta's book value was $635,000 on January 1, 2016 and Omega reported a book value of $159,500 on January 1, 2017. points Delta has made numerous inventory transfers to Alpha since the business combination was formed. Intra-entity gross profits of $22,200 were present in Alpha's inventory as of January 1, 2018. During the year, $223,000 in additional intra-entity sales were made with $24.530 in Intra-entity gross profits in inventory remaining at the end of the period. eBook Print Both Alpha and Delta utilized the partial equity method to account for their investment balances. References Following are the individual financial statements for the companies for 2018 with consolidated totals. $ $ Alpha Company $(1,117,200) 571,000 393,000 (180, 800) $ (334,000) Delta Company (582,520) 278,000 132,000 (53,480) (226,000) Omega Company (285,900) 143,000 66,500 Consolidated Totals $(1,762,620) 771,330 609,900 $ $ (76,400) Sales Cost of goods sold Operating expenses Income of subsidiary Separate company net income Consolidated net income Net income attributable to noncontrolling interest (Delta Company) Net income attributable to noncontrolling interest (Omega Company) $ (381,390) 41,687 19,755 CIELKY WUIK LUIZUILUULLU TILLIILI 20, 41,687 $ $ points $ (822,500) (334,000) 50,000 $(1,106,500) $ 452,100 357,000 806,400 (545,000) (226,000) 40,000 (731,000) 247,250 345,000 $ $ Net income attributable to noncontrolling interest (Delta Company) Net income attributable to noncontrolling interest (Omega Company) Net income attributable to Alpha Company Retained earnings, 1/1/18 Net income (above) Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Delta Company Investment in Omega Company Property, plant, and equipment Copyrights Total assets Liabilities Common stock Retained earnings, 12/31/18 Noncontrolling interest in Delta Company, 12/31/18 Noncontrolling interest in Omega Company, 12/31/18 Total liabilities and equities 19,755 $ (319,948) $ (786,272) (319,948) 50,000 $(1,056,220) $ 797,250 870,470 eBook (119,500) (76,400) 60,000 (135,900) 97,900 193,000 $ $ Print References 253,750 515,000 516,000 299,000 $ $ 2,131,500 $ (825,000 (200,000 (1,106,500) $ 1,361,000 (510,000) (120,000) (731,000) 589,900 (354,000) (100,000) (135,900) 1,330,000 - 238,950 $ 3, 236,670 $(1,689,000) (200,000) (1,056,220) (189,030) (102,420) $ (3,236,670) $(2,131,500) $(1,361,000) $ (589,900) Develop the worksheet entries necessary to derive these reported balances: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)