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On January 1 , 2 0 2 1 , Sledge had common stock of $ 1 5 0 , 0 0 0 and retained earnings
On January Sledge had common stock of $ and retained earnings of $ During that year, Sledge reported sales of $ cost of goods sold of $ and operating expenses of $
On January Percy, Inc., acquired percent of Sledge's outstanding voting stock. At that date, $ of the acquisitiondate fair value was assigned to unrecorded contracts with a year life and $ to an undervalued building with a year remaining life
In Sledge sold inventory costing $ to Percy for $ Of this merchandise, Percy continued to hold $ at yearend. During Sledge transferred inventory costing $ to Percy for $ Percy still held half of these items at yearend.
On January Percy sold equipment to Sledge for $ This asset originally cost $ but had a January book value of $ At the time of transfer, the equipment's remaining life was estimated to be five years.
Percy has properly applied the equity method to the investment in Sledge.
Prepare worksheet entries to consolidate these two companies as of December
Compute the net income attributable to the noncontrolling interest for
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