I need the answer with complete calculation as soon as possible please Penguin purchased 75 of Star on January 1, 2015 for $2,200,000 The FV of the noncontrolling interests was 700,000 The book value of Stars equity was $2,300,000 at the time Penguin uses the equity method to account for its investment in Star The excess of investment cost over book value was allocated as follows Equipment (20 year life) $130,000 Customer list (10 year life) 184,000 Patent (10 year life) 147,000 Goodwill 139,000 Total $600,000 Star regularly sells merchandise to Penguin In 2017, inter company sales amounted to $50,100, with $16,300 of deferred profit remaining in ending inventory Year end inter company receivables payables amounted to $18,900 In 2018, upstream inter company sales amounted to $87,400 with $23,800 of deferred profit remaining in ending inventory Year end inter company receivables payables amounted to $37,500 On January 2, 2018, Star sold equipment to Penguin for $60,000 The equipment had a cost of $80,000 and accumulated depreciation of $45,000 The remaining life of the equipment was estimated at 4 years Financial statements of Penguin and Star for the year ended December 31, 2018 are presented below Penguin Star Sales revenue $ 5,706,000 $1,833,500 Cost of goods sold (4,003,800) (1,110,650) Gross profit 1,702,200 722,850 Operating expenses (931,020) (336,800) Income (loss) from subsidiary 240,150 Net Income $ 1,011,330 $ 386,050 Retained Earnings, 1 1 18 $ 3,204,030 $ 980,010 Net income 1,011,330 386,050 Dividends (154,690) (42,520) Retained Earnings, 12 31 18 $ 4,060,670 $1,323,540 Cash and receivables $ 1,995,327 50 $1,067,340 Inventory 1,158,650 690,270 Equity investment 1,627,742 50 Property, plant equipment (Net) 5,358,920 1,327,490 Total Assets $10,140,640 $3,085,100 Accounts payable $ 708,300 $ 311,210 Accrued liabilities 803,130 370,650 Notes payable 2,940,000 665,300 Common stock 860,940 183,950 Additional paid in capital 767,600 230,450 Retained Earnings, 12 31 18 4,060,670 1,323,540 Total Liabilities and Equities $10,140,640 $3,085,100 How was the income from subsidiary calculated by Penguin Company What is the income attributable to NCI and how was it calculated Do a proof of the investment account and NCI account at 12 31 17 and 12 31 18 (what you did in part a only for the investment and NCI accounts) I am looking for you to tell me what comprises the balance in these accounts Note You do not have the beginning of the year balances, but you have all the information you would need to calculate them Prepare the entries required under the equity method on Penguin's pre consolidation books for 2018 Prepare the consolidation entries for 2018 Every CEADI entry is required to do this consolidation Prepare the consolidation spreadsheet What is provided in the Excel document is the same as the information provided above Add or delete rows if necessary to accommodate your solution consolidation entries

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I need the answer with complete calculation as soon as possible please. Penguin purchased 75% of Star on January 1, 2015 for $2,200,000. The FV

I need the answer with complete calculation as soon as possible please.

Penguin purchased 75% of Star on January 1, 2015 for $2,200,000. The FV of the noncontrolling interests was 700,000. The book value of Stars equity was $2,300,000 at the time. Penguin uses the equity method to account for its investment in Star. The excess of investment cost over book value was allocated as follows:

Equipment (20-year life)............................... $130,000

Customer list (10-year life) .............................184,000

Patent (10-year life) ............................... 147,000

Goodwill.................................................... 139,000

Total..............................................................$600,000

Star regularly sells merchandise to Penguin. In 2017, inter-company sales amounted to $50,100, with $16,300 of deferred profit remaining in ending inventory. Year-end inter-company receivables/payables amounted to $18,900.

In 2018, upstream inter-company sales amounted to $87,400 with $23,800 of deferred profit remaining in ending inventory. Year-end inter-company receivables/payables amounted to $37,500.

On January 2, 2018, Star sold equipment to Penguin for $60,000. The equipment had a cost of $80,000 and accumulated depreciation of $45,000. The remaining life of the equipment was estimated at 4 years.

Financial statements of Penguin and Star for the year ended December 31, 2018 are presented below.

	Penguin	Star
Sales revenue	$ 5,706,000	$1,833,500
Cost of goods sold	(4,003,800)	(1,110,650)
Gross profit	1,702,200	722,850
Operating expenses	(931,020)	(336,800)
Income (loss) from subsidiary	240,150	_________
Net Income	$ 1,011,330	$ 386,050

Retained Earnings, 1/1/18	$ 3,204,030	$ 980,010
Net income	1,011,330	386,050
Dividends	(154,690)	(42,520)
Retained Earnings, 12/31/18	$ 4,060,670	$1,323,540

Cash and receivables	$ 1,995,327.50	$1,067,340
Inventory	1,158,650	690,270
Equity investment	1,627,742.50
Property, plant & equipment (Net)	5,358,920	1,327,490
Total Assets	$10,140,640	$3,085,100

Accounts payable	$ 708,300	$ 311,210
Accrued liabilities	803,130	370,650
Notes payable	2,940,000	665,300
Common stock	860,940	183,950
Additional paid-in capital	767,600	230,450
Retained Earnings, 12/31/18	4,060,670	1,323,540
Total Liabilities and Equities	$10,140,640	$3,085,100

How was the income from subsidiary calculated by Penguin Company? What is the income attributable to NCI and how was it calculated?
Do a proof of the investment account and NCI account at 12/31/17 and 12/31/18 (what you did in part a only for the investment and NCI accounts). I am looking for you to tell me what comprises the balance in these accounts. Note: You do not have the beginning of the year balances, but you have all the information you would need to calculate them!
Prepare the entries required under the equity method on Penguin's pre-consolidation books for 2018.
Prepare the consolidation entries for 2018. Every CEADI entry is required to do this consolidation.
Prepare the consolidation spreadsheet. What is provided in the Excel document is the same as the information provided above. Add or delete rows if necessary to accommodate your solution/consolidation entries.