********Just need the values for equity in earnings of Brey and Consolidated net income. Thank you!
Brey sells inventory to Pitino as follows: Year 2019 2020 2021 Cost to Brey $ 69,000 81,000 92,800 Transfer Price to Pitino $ 115,000 135,000 160,000 Inventory Remaining at Year-End (at transfer price) $ 25,000 37,500 50,000 At December 31, 2021, Pitino owes Brey $16,000 for inventory acquired during the period. The following separate account balances are for these two companies for December 31, 2021, and the year then ended. Note: Parentheses indicate a credit balance. Sales revenues Cost of goods sold Expenses Equity in earnings of Brey Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equities Pitino $ (862,000) 515,000 185,400 (68,400) $ (230,000) $ (488,000) (230,000) 136,000 (582,000) $ 146,000 255,000 450,000 964,000 $ 1,815,000 $ (718,000) (515,000) (582,000) $(1,815,000) Brey $ (366,000) 209,000 67,000 0 $ (90,000) $ (278,000) (90,000) 27,000 $ (341,000) $ 98,000 136,000 0 328,000 $ 562,000 $ (71,000) (150,000) (341,000) $ (562,000) Answer is not complete. Complete this question by entering your answers in the tabs below. Req A to D ReqE Reg F ReqG ReqH ReqI Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. (Input all amounts as positive values.) Sales revenues Consolidated Balance IS 1,068,000 S 570,000 $ 260,400 IS S IS 7,600 230,000 488,000 136,000 582.000 $ $ s 228.000 Cost of goods sold Expenses Equity in earnings of Brey Consolidated net income Noncontrolling interest in consolidated net income Consolidated net income to Pitino Retained earnings, 1/1/21 Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net) Patented technology Total Assets Liabilities Noncontrolling interest in Brey, 12/31/21 Common Stock Retained earnings, 12/31/21 Total liabilities and equity IS 370,000 $ 0 IS 1,304,000 IS IS $ 18,000 1,920,000 773,000 50,000 515,000 $ 00 $ $ 582,000 1,920,000
