I specifically need help with A, B and C.

28. Consolidation subsequent to date of acquisition-upstream intercompany inventory sale Assume that, on January 1, 20X1, a parent company acquired an 80% interest in its subsidiary for a purchase price that was $550.000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. The parent allocated the excess to the following [A assets A] Asset Patent Goodwill Useful Life (years) Initial Fair Value $300,000 250,000 $550,000 10 Indefinite Assume that the subsidiary sells inventory to the parent (upstream) which includes that inventory in products that it ultimately sells to customers outside of the controlled group. You have compiled the following data as of 20X6 and 20X7 CHAPTER 51 Corso cated Financa Statements winless 'ha 100%Orershp 233 20x6 20X7 Transfer price for inventory sale Cost of goods scid Gross profit. % inventory remaining Gross profit deferred $671,000 $733,000 615,0 (653,000) $56,000 80,00o 25% 3556 $14,000 28,000 S 90,000 $100,000 The inventory not remaining at the end of the year has been sold outside of the controlled group. The parent and the subsidiary report the following financial statements at December 31, 20X7 ParentSubsidiary Parent Subsidia Income statement Sales Cost of goods sold Gross profit. Equity investment income Operating expenses Net incorme Balance sheet $6,770,000 $2,518,500 Assets 4,739,000) 51,100) Cash 2,031,000 1,007,400 Accounts receivable 795,240 $ 696,785 866,560 1,313,380 1,846,665 584,292 750,513 Inventory 246,872 (1,242,600) (654,810 Equity investment $1,035,272 352,590 Property, plant and equipment (PPE), net 6,317,764 1,388,533 $11,139,609 $3,420,123 Statement of retained earnings BOY retairned earnings Net income $3,401,248 $1,301,225 Liabilities and stockholders' equity 1,035,272 199,210) 352,590 Current liabilities (35,259) Long-term liabilities $ 972,849 $584,292 4,000,000 839,50 1,106,89 EOY retained carnings $4,237,310 $1,618,556 Common stock APIC Retained earnirgs 167,900 209,875 4,237.310 1618,556 822,555 $11,139,609 $3,420,123 a. Compute the equity income of $246,872 reported by the parent and the net income attributed to noncontrolling interests. b Compute the EOY Equity Investment balance of $1,846,665 (7 years subsequent to the c. d. e. acquisition). Compute the EOY noncontrolling interest equity balance. Prepare the consolidation journal entries Prepare the consolidation spreadsheet