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7 On January 1, 2019, Monica Company acquired 70 percent of Young Company's outstanding common stock for $672.000. The for Value of the noncontrolling Interest of the acquisition date was $288.000 Young reported stockholders equity accounts on that date as follows 632/10 Connon stock 510 par value Additional paid in capital Retained in $ 200,00 80,00 470,000 Som In establishing the acquisition value. Monics appraised Young's assets and ascertained that the accounting records undervalued a building with a five-year remaining fe) by 560.000 Any remaining excess acquisition-cotofur value was allocated to a franchise agrooment to be amortized over 10 years During the subsequent years, Young sold Monica inventory at a 20 petcert gross profitrateMonica consistently resold this merchandise in the year of acquisition or in the period immediately following Transters for the three years after this business combination was created amounted to the following: Tnventory Renang at Year-End Transfer (at transfer Year Price price) 2019 $30,000 511.00 2020 50,000 13,000 2021 60,000 19.000 In addition, Monica sold Young several pieces of fully depreciated equipment on January 2020, for $37,000. The equipment ad original cost Monica $52.000 Young plans to depreciate these assets over a five year period in 2021. Young earns a pet income of $150,000 and declares and pays $30,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $750.000 balance at the end of 2021. During this same year, Monica reported dividend income of $21000 and an investment account containing the initial vare balance of 5672,000. No changes in Young's common stock accounts have occurred since Monica's acquisition a. Prepare the 2021 consolidation 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. Traton NO 5 Det 7400 1 Acco Randag 112 round Corto de 7. 7400 2 2 Minge 121 ) Coment Med dement 030 41 48.000 OOOOOOO 6000 3 3 1000 is Your Redig 2 Manca @ 37.000 4 Common Young Acadial Young Retained wings 1/11 (Young 200.000 100.000 OOO 5120 276.780 OO Noncoming in Young 5 100.000 8000 Fechisoare Durango Wei Young Nooring in Young OOOO 2.2001 2167 00 0 Divind income Minds 00 o 7 12.000 20.000 Dronciation asperan Amation expense Franchisement Buldings OOOO 20 000 2.000 O 90.000 30.000 Sales Cost of goods sold 5 5 160.000 36.000 Franchise agreement Buildings Investment in Young Noncontrolling interest in Young 137,200 278,780 OO O OO 6 5 0 Dividend income Dividends declared 0 7 7 12.000 20,000 Depreciation expense Amortization expense Franchise agreement Buildings 20.000 12.000 B 8 90,000 Sales Cost of goods sold 90.000 9 9 8.200 Cost of goods sold Inventory 8.200 10 10 10,400 Accumulated depreciation Equipment Depreciation expense olo 10,400 Required B >