i cant finish it. please help ASAP
Seved Help Save & Exit Submit 8 Chapter 5 Homework Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question On January 1, 2018, Sledge had common stock of $300,000 and retained earnings of $440,000. During that year, Sledge reported sales of $310,000, cost of goods sold of $160,000, and operating expenses of $58,000. On January 1, 2016, Percy, Inc., acquired 90 percent of Sledge's outstanding voting stock. At that date, $78,000 of the acquisition-date fair value was assigned to unrecorded contracts (with a 20-year life) and $38,000 to an undervalued building (with a 10-year remaining life). In 2017, Sledge sold inventory costing $19,800 to Percy for $33,000. Of this merchandise, Percy continued to hold $7,000 at year-end. During 2018, Sledge transferred inventory costing $19,000 to Percy for $38,000. Percy still held half of these items at year-end. On January 1, 2017, Percy sold equipment to Sledge for $21,000. This asset originally cost $34,000 but had a January 1, 2017, book value of $12,600. At the time of trandfer, the equipment's remaining life was estimated to be five years. Percy has properly applied the equity method to the investment in Sledge. 5.55 points a. Prepare worksheet entries to consolidate these two companies as of December 31, 2018. b. Compute the net income attributable to the noncontrolling interest for 2018. Answer is not complete. Complete this question by entering your answers in the tabs below. Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 8 Prepare worksheet entries to consolidate these two companies as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Accounts Credit Debit 2,800 1 1 s Retained earnings Cost of goods sold 2,800 2 2 Equipment Investment in Sledge Accumulated depreciation 13,000 6,720 0 19,720 3 3 Common stock Retained earnings Investment in Sledge Noncontrolling interest in Sledge 300,000 437,200 000 663,480 73,720 4 4 61,200 30,400 Contracts Buildings Investment in Sledge Noncontrolling interest in Sledge OOO BB Chapter 5 Homework Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 00 Investment in Sledge Noncontrolling interest in Sledge OS 5 5 5.55 Doints Equity in income of Sledge Investment in Sledge 6 6 Depreciation expense Amortization expense Contracts Buildings OOOO 7 7 Sales Cost of goods sold Blo 8 8 Cost of goods sold Inventory Ol 9 9 > Accumulated depreciation Depreciation expense Chapter 5 Homework Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 00 a. Prepare worksheet entries to consolidate these two companies as of December 31, 2018. b. Compute the net income attributable to the noncontrolling interest for 2018. 5.55 points Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute the net income attributable to the noncontrolling interest for 2018. Net income attributable to noncontrolling interest
