House Corporation has been operating profitably since its creation in 1960. At the beginning of 2019, House acquired a 70 percent ownership in Wilson Company. At the acquisition date, House prepared the following fair value allocation schedule: Consideration transferred for 709 interest in Wilson Tair value of the 308 noncontrolling interest Wilson business tair value Wilson book value Excess fair value over book value Assignments to adjust Wilson' assets to fair values To buildinga (20-year remaining life) To equipment (4-year remaining life) To franchises 10-year remaining life) To goodwill findefinite life) $ 766,500 329.500 $ 1.095,000 744,000 $ 351.000 $32.000 (27.400 33,000 137.600 $ 213,600 House regularly buys inventory from Wilson at a markup of 25 percent more than cost. House's purchases during 2019 and 2020 and related ending inventory balances follow: Intra-intity Remaining Tatrantity Inventory Year Purchases End of Year (at transfer price) 2019 $120,000 540,000 2020 150,000 60.000 On January 1, 2021. House and Wilson acted together as co-acquirers of 80 percent of Cuddy Company's outstanding common stock. The total price of these shares was $312,800, indicating neither goodwill nor other specific fair value allocations. Each company put up one-half of the consideration transferred. During 2021. House acquired additional inventory from Wilson at a price of $284.000 of this merchandise. 45 percent is still held at year-end. Following are the financial records for the three companies for 2021 House Wilson Caddy Corporation Company Company Sales and other revenues $ 11,026,720) $183,400) 361,000) Cont of goods sold 590,000 317.000 195,000 Operating expenses 276.000 274.000 92.000 Income of Wilson Company (134,680) . Income of Cuddy Company 29,600) (29.600) Net income 5 (325,000 $ (222.000) $ 74.000) Retained earnings, 1/1/21 5 (881.000 $ (558,000) $ (241.000) Net Income (above) (325,000) 1222.000) 174,000) Dividende declared 100.000 96.000 50.000 detained earnings. 12/31/21 $11,106,000) $ 724.000) 5 (265.000) Cash and receivables $ 22.220 $ 219.000 $ 18,000 Tnventory 428,000 326.000 102,300 Tnvestment in Wilson Company 948,70 Investment in Cuddy Company 166,000 166.000 . Buildings 418.000 334.000 216.000 Equipment 314,000 194,000 12.200 Land 274.00 300.000 19,500 Total assets $2.571.000 1,629.000 $ 510.000 Tahilities (645,000 (595.000 (103,000) Cannon stock 820.000) 310.000) 150,000) Metained earnings, 12/31/21 11.106.006) 1724.000) 265,000 Total liabilities and equities $.(2.571.000) 43.625.000) (516,000) 5 Note: Parentheses indicate a credit balance Prepare a consolidation worksheet for 2021. The partial equity method based on separate company incomes has been applied to each Investment (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) House Corporation has been operating profitably since its creation in 1960. At the beginning of 2019, House acquired a 70 percent ownership in Wilson Company. At the acquisition date, House prepared the following fair value allocation schedule: Consideration transferred for 709 interest in Wilson Tair value of the 308 noncontrolling interest Wilson business tair value Wilson book value Excess fair value over book value Assignments to adjust Wilson' assets to fair values To buildinga (20-year remaining life) To equipment (4-year remaining life) To franchises 10-year remaining life) To goodwill findefinite life) $ 766,500 329.500 $ 1.095,000 744,000 $ 351.000 $32.000 (27.400 33,000 137.600 $ 213,600 House regularly buys inventory from Wilson at a markup of 25 percent more than cost. House's purchases during 2019 and 2020 and related ending inventory balances follow: Intra-intity Remaining Tatrantity Inventory Year Purchases End of Year (at transfer price) 2019 $120,000 540,000 2020 150,000 60.000 On January 1, 2021. House and Wilson acted together as co-acquirers of 80 percent of Cuddy Company's outstanding common stock. The total price of these shares was $312,800, indicating neither goodwill nor other specific fair value allocations. Each company put up one-half of the consideration transferred. During 2021. House acquired additional inventory from Wilson at a price of $284.000 of this merchandise. 45 percent is still held at year-end. Following are the financial records for the three companies for 2021 House Wilson Caddy Corporation Company Company Sales and other revenues $ 11,026,720) $183,400) 361,000) Cont of goods sold 590,000 317.000 195,000 Operating expenses 276.000 274.000 92.000 Income of Wilson Company (134,680) . Income of Cuddy Company 29,600) (29.600) Net income 5 (325,000 $ (222.000) $ 74.000) Retained earnings, 1/1/21 5 (881.000 $ (558,000) $ (241.000) Net Income (above) (325,000) 1222.000) 174,000) Dividende declared 100.000 96.000 50.000 detained earnings. 12/31/21 $11,106,000) $ 724.000) 5 (265.000) Cash and receivables $ 22.220 $ 219.000 $ 18,000 Tnventory 428,000 326.000 102,300 Tnvestment in Wilson Company 948,70 Investment in Cuddy Company 166,000 166.000 . Buildings 418.000 334.000 216.000 Equipment 314,000 194,000 12.200 Land 274.00 300.000 19,500 Total assets $2.571.000 1,629.000 $ 510.000 Tahilities (645,000 (595.000 (103,000) Cannon stock 820.000) 310.000) 150,000) Metained earnings, 12/31/21 11.106.006) 1724.000) 265,000 Total liabilities and equities $.(2.571.000) 43.625.000) (516,000) 5 Note: Parentheses indicate a credit balance Prepare a consolidation worksheet for 2021. The partial equity method based on separate company incomes has been applied to each Investment (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)