Excess fair value assignments		Remaining Life	Annual Amortization
Patent	400,000	5	80,000
Goodwill	275,000

Intra-company gross profit deferrals related to the inventory transfers.

Year	Original cost to Nittle, Inc.	Transfer Price to Jet Corp.	Ending Balance at Transfer Price	Deferred Gross Profit
2020	$ 189,800	$ 260,000	$ 90,000	$ 24,300
2021	$ 238,000	$ 340,000	$150,000	$45,000

Financial information for the year ended 12/31/21 kis presented below. The parent company has applied the equity method to record its investment in Nittle.

Account Name (number)	Jet	Nittle
Revenue (40)	(1,940,000)	(907,000)
Cost of goods sold (50)	980,000	400,000
Expenses (51)	393,904	221,760
Interest exp.-bonds (60)	2,096
Interest rev.-bond invest. (61)		(2,760)
Equity in income of Nittle (62)	(180,000)
Gain on retirement of debt (63)
Net income	(744,000)	(288,000)
Retained earnings (1/1)	(3,800,000)	(490,000)
Net income	(744,000)	(288,000)
Dividends paid (34)	200,000	40,000
Retained earnings (12/31)	(4,344,000)	(738,000)
Cash (10)	357,200	129,000
Accounts rec. (11)	975,000	315,000
Inventory (12)	840,000	781,000
Investment in Nittle (13)	2,096,630
Invest. in Jet bonds (14)		23,000
Buildings and Equipment (net) (15)	2,325,000	963,000
Patent (16)	950,000	127,000
Goodwill (17)
Total Assets	7,543,830	2,338,000
Accounts pay. (20)	(450,000)	(150,000)
Notes pay. (22)	(323,630)	(350,000)
Bonds pay. (23)	(25,000)
Prem. on bonds (24)	(1,200)
Common stock (30)	(1,900,000)	(900,000)
Additional PIC (31)	(500,000)	(200,000)
Retained earnings, 12/31/18	(4,344,000)	(738,000)
Total liabilities and equity	(7,543,830)	(2,338,000)

Complete the consolidation entries for the year ended December 31, 2021. The account numbers are listed on the financial information above. Use 35 for retained earnings and 39 for Non-Controlling Interest.

Consolidation Worksheet
			Consolidtion Entries
	Jet	Nittle		Dr.		Cr.	NCI	Consolidated Balances
Cash	535,000	115,000
A/R	575,000	215,000
Inventory	990,000	780,595			G	40,000
Investment in Nittle	1,420,000		D	20,000	S	968,000
					A	348,000
					I	124,000
Investment in Jet bonds		19,005			B	19,005
Bldg. & Equip. (net)	1,025,000	863,000
Patent	950,000	107,000	A	210,000	E	70,000
Goodwill			A	225,000
Total Assets	5,495,000	2,100,000
A/P	(450,000)	(200,000)
Notes Pay.	(523,931)	(450,000)
Bonds Pay.	(20,000)		B	20,000
Prem. on Bonds	(1069)		B	1,069
Common stock	(900,000)	(800,000)	S	800,000
Additional PIC	(300,000)	(100,000)	S	100,000
Retained Earnings (12/31)	(3,300,000)	(550,000)
NCI 1/1					S	242,000
					A	87,000
NCI 12/31
Total Liabilities & Equity	(5,495,000)	(2,100,000)