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6 On January 1, 2019, Monica Company acquired 70 percent of Young Company's outstanding common stock for $784,000. The fair value of the noncontrolling interest at the acquisition date was $336,000. Young reported stockholders' equity accounts on that date as follows: 16.7 points Common stock-$10 per value Additional paid-in capital Retained earnings $ 100,000 80,000 640,000 Book In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building with a five-year remaining life) by $40,000 Any remaining excess acquisition date fair value was allocated to a franchise agreement to be amortized over 10 years. Pent References During the subsequent years, Young sold Monica inventory at a 30 percent gross profit rate. Monica consistently resold this merchandise in the year of acquisition or in the period immediately following. Transfers for the three years after this business a combination was created amounted to the following Inventory Senaining Transfer at Year-End Year Price (at transfer price) 2019 $ 40,000 $ 33,000 2020 50,000 35,000 2021 70,000 41,000 In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2020, for $59.000. The equipment had originally cost Monica 596,000. Young plans to depreciate these assets over a 5-year period In 2021. Young earns a net income of $210.000 and declares and pays $70,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $970,000 balance at the end of 2021. Monica employs the equity method of accounting, Hence, it reports $133,740 investment income for 2021 with an investment account balance of $899.590. Prepare the worksheet entries required for the consolidation of Monica Company and Young Company elf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lit 6 No Credit Transaction 1 1 Accounts Relained earnings. 1/1/21 (Young) ( Cost of goods sold Debit 10,500 1 10.500 16.7 points 2 2 Investment in Young Equipment Accumulated depreciation Equipment 47,200 37.000 84.200 3 3 No journal entry required 4 4 Common stock - Young Additional paid-in capital - Young Retained earnings. 1/1/21 (Young) Investment in Young Noncontrolling Interest in Young 5 5 Buildings Franchise agreement Investment in Young Noncontrolling interest in Young 6 6 Investment income Investment in Young 7 7 7 Investment in Young Dividends declared 8 8 Depreciation expense Amortization expense 6 Noncontrolling Interest in Young 5 5 16.7 points Buildings Franchise agreement Investment in Young Noncontrolling interest in Young 6 6 Investment income Investment in Young OOO OOO OG 7 7 7 Investment in Young Dividends declared 8 8 Depreciation expense Amortization expense