compute the net income attributable to the noncontrolling interest for 2021

On January 1, 2019 , Monica Company acquired 70 percent of Young Companys outstanding common stock for $586,000. The fair value of the noncontroling interest at the acquisition date was $294,000 Young reported stockholders' equity accounts on that date as follows In establishing the acquisition value, Monica apprased Young's assets and ascertalined that the accounting records undervalued o building (with a five-year remeining lifo) by $80,000. Any remoining excess acquistion-date foir value was allocated to a franchise agreement to be amortized over 10 years During the subsequent years, Young sold Monica inventory at a 40 percent gross profit rate. Monico consistently resold this merchandise in the year of acquisition or in the penod immediaty following. Transfers for the three years after thes business combinabion was created arnounted to the following: In addition, Monica sold Young several pieces of fully deprecisted equipment on January 1, 2020, for $45.000. The equipment had ariginally cost Monica $68,000. Young plons to deprecinte these assets over a sox-year petiod. In 2021. Young earns a net income of $230,000 and declores and pays $70,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $830,000 balance at the end of 2021 . During this same yeor, Monica reported dividend income of $49.000 and an imvestment account containing the initial volue balance of $686,000 No changes in Young's common stock accounts have occurred since Monice's acquisition. In addition, Monica sold Young several pieces of fully deprecioted equipment on January 1, 2020 , for $45,000. The equipment had originally cost Monica $68,000 Young plans to depreciate these assets over a six-year period. In 2021. Young earns a net income of $230,000 and declares and pays $70,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $830,000 balance at the end of 2021 . During this same year, Monica reported dividend income of $49,000 and an investment account containing the initial value balance of $686.000 No changes in Young's common stock accounts have occurred since Monica's acquisition. a. Prepare the 2021 consolidotion worksheet entries for Monica and Young. b. Compute the net income attributable to the noncontrolling interest for 2021. Complete this question by entering your answers in the tabs below. Compute the net income attributable to the noncontrolling interest for 2021