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On January 1, 2020, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing, Inc., for a total of $880,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $730,000, retained earnings of $280,000, and a noncontrolling interest fair value of $220,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20 year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Dividends Declared $38,000 48,000 Net Income $180,000 160,00 Inventory Purchases from Corean $130, 150, 2020 2021 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021 b. Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. Complete this question by entering your answers in the tabs below. Required A Required B Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. Investment balance 12/31/21 Prev 1 of 1 13! Next earch ORI e DELL F6 F F8 F9 F10 F11 F12 Prescri Insert 5 7 8 Back R . K Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare entry "G Note: Enter debits before credits Transaction Accounts Debit Credit 1 Prey 1 of 1 Next earch O Si DOLL E5 F6 F7 F8 F9 F10 F11 F12 Priser Insert $ A & 4 5 6 * 0 7 9 0 R T Y P G H K Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare entry s Note: Enter debits before credits Transaction Accounts Debit Credit 2 Prey 1 of 1 Next to search O DOLL F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 PrtScr Inse $ % A & * 3 4 5 6 7 8 9 o E R T { o P F G H K L Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 2 4 5 6 8 > Prepare entry A Note: Enter debits before credits Transaction Accounts Debit Credit Prev 1 of 1 Next DI DLL Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare entry I Note: Enter debits before credits. Transaction Accounts Debit Credit Prev 1 of 1 RE Next ch O Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare entry D Note: Enter debits before credits. Transaction Accounts Debit Credit 5 Prey 1 of 1 Next BI Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 1 2 3 4 5 6 8 Ca > Prepare entry TI Note: Enter debits before credits. Accounts Debit Transaction Credit Prev 1 of 1 Next ch O BI Prepare the worksheet adjustments for the December 31, 2021, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries