On January $1,2022,$ Monico Compony acquired $80$ percent of Young Company's outstanding common stock for $$904,000.$ The fair volue of the noncontrolling interest ot the acquisition date was $$226,000.$

Young reported stockholders' equity accounts on that date as follows:

Cormon stock$-51$e par value

Additional paid in capital

Retaincd cannings

$500,000$

$90,000$

$650,000$

In estoblishing the ocquisition volue, Monica opproised Young's ossets and oscertained that the occounting records undervalued a building $($with o five$-$yeor remoining life$)$ by $$50,000.$ Any remaining excess acquisition$-$date fair value wos allocoted to ofranchise ogreement to be amortized over $10$ years.

During the subsequent years, Young sold Monico inventory at a $40$ percent gross profit rate. Monico consistently resold this merchandise in the year of ocquisition or in the period immediotely following. Transfers for the three years ofter this business combination wos created omounted to the following:

In oddition, Monica sold Young several pieces of fully deprecisted equipment on January $1,2023,$ for $$60,000.$ The equipment had originally cost Monica $$98,000.$ Young plons to depreciate these assets over a $6-$year period.

In $2024,$ Young earns o net income of $$220,000$ and declores and pays $$75,000$ in cash dividends. These figures increase the subsidiary's Retained Earnings to $$980,000$ bolance at the end of $2024.$ No changes in Young's common stock accounts hove occurred since Monico's ocquisition.

Required:

Monico employs the equity method of occounting. Hence, it reports $$164,880$ investment income for $2024$ with on Investment account bolance of $$1,056,960.$ Prepore the worksheet entries required for the consolidation of Monico Compony and Young Compony. Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.