It says the answer is incomplete. Can you tell me what I am missing?
On January 1, 2021, Brooks Corporation exchanged $1,255,500 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal to $1,167,500. Chandlers individual assets and liabilities had fair values equal to their respective book values except for the patented technology account, which was undervalued by $192,000 with an estimated remaining life of six years. The Chandler acquisition was Brooks's only business combination for the year. In case expected synergies did not materialize, Brooks Corporation wished to prepare for a potential future spin-off of Chandler, Inc. Therefore, Brooks had Chandler maintain its separate incorporation and independent accounting information system as elements of continuing value. On December 31, 2021, each company submitted the following financial statements for consolidation. Dividends were declared and paid in the same period. Brooks Corp. Chandler Inc. $ (599,000) 205,000 $ (584,500) 179,000 (104,000) 137,000 (195,000) $ (567,500) 167,000 $ (227,000) Income Statement Revenues Cost of goods sold Gain on bargain purchase Depreciation and amortization Equity earnings from Chandler Net income Statement of Retained Earnings Retained earnings, 1/1 Net income (above) Dividends declared Retained earnings, 12/31 Balance Sheet Current assets Investment in Chandler Trademarks Patented technology Equipment $(1,570,000) (567,500) 150,000 $(1,987,500) $ (867,500) (227,000) 70,000 $(1,024,500) $ $ 185,000 1,484,500 172,000 310,000 624,000 444,500 0 229,000 453,000 396,000 Total assets Liabilities Common stock Retained earnings, 12/31 Total liabilities and equity $ 2,775,500 $ (253,000) (535,000) (1,987,500) $(2,775,500) $ 1,522,500 $ (198,000) (300,000) (1,024,500) $(1,522,500) Note: Parentheses indicate a credit balance. a. Determine the following account balances: . Gain on bargain purchase. Earnings from Chandler. Investment in Chandler. . b. Prepare a December 31, 2021, consolidated worksheet for Brooks and Chandler. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Determine the following account balances. (Input all amounts as positive values.) Amounts $ 1,255,500 Accounts Consideration transferred Technology undervaluation Chandler book value >$ 192,000 1,167,500 Gain on bargain purchase Chandler net income 1,359,500 $ 104,000 $ 227,000 32,000 Technology amortization Equity earnings in Chandler $ 195,000 Fair value of net assets at acquisition-date Equity earnings in Chandler Dividends declared Investment in Chandler 12/31/21 >>> 1,359,500 195,000 70,000 $ 1,484,500 Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a December 31, 2021, consolidated worksheet for Brooks and Chandler. (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.) Show less BROOKS AND CHANDLER Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Brooks Chandler Debit Credit Consolidated Totals Income Statement Revenues $ $ (599,000) 205,000 Cost of goods sold Gain on bargain purchase Depreciation and amortization Equity earnings in Chandler Net income 0 $ (584,500) 179,000 (104,000) 137,000 (195,000) $ (567,500) 1,183,500 384,000 104,000 336,000 167,000 32,000 195,000 0 0 $ (227,000) $ 567,500 0 195,000 Equity earnings in Chandler Net income (195,000) $ (567,500) $ (227,000) $ 567,500 Statement of Retained Earnings Retained earnings, 1/1 $ (867,500) 867,500 $ 1,570,000 Net income $ (1,570,000) (567,500) 150,000 $ (1,987,500) (227,000) 70,000 $ (1,024,500) 567,500 150,000 Dividends declared 70,000 Retained earnings, 12/31 $ 1,987,500 Balance Sheet Current assets Investment in Chandler $ 185,000 $ 444,500 $ 629,500 0 70,000 1,554,500 0 1,484,500 172,000 310,000 624,000 $ 2,775,500 192,000 Trademarks Patented technology Equipment Total assets 32,000 229,000 453,000 396,000 $ 1,522,500 401,000 923,000 1,020,000 2,973,500 $ Liabilities $ Common stock 300,000 $ (253,000) (535,000) (1,987,500) $ (2,775,500) Retained earnings, 12/31 $ (198,000) (300,000) (1,024,500) $ (1,522,500) 451,000 535,000 1,987,500 Total liabilities and equity $ 1,656,500 $ 1,656,500 $ 2,973,500
