On January 1, 2012, Alpha acquired 80 percent of Delta. Of Deltas total business fair value, $170,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on January 1, 2013, Delta obtained 70 percent of Omegas outstanding voting shares. In this second acquisition, $156,600 of Omegas total business fair value was assigned to copyrights that had a remaining life of 12 years. Deltas book value was $552,500 on January 1, 2012 and Omega reported a book value of $154,500 on January 1, 2013.

Delta has made numerous inventory transfers to Alpha since the business combination was formed. Unrealized gross profits of $21,800 were present in Alphas inventory as of January 1, 2014. During the year, $233,000 in additional intra-entity sales were made with $25,630 in gross profits remaining unrealized at the end of the period.

Both Alpha and Delta utilized the partial equity method to account for their investment balances.

Following are the individual financial statements for the companies for 2014 with consolidated totals.

	Alpha Company			Delta Company			Omega Company			Consolidated Totals
Sales	$	(962,800	)	$	(737,410	)	$	(257,200	)	$	(1,724,410	)
Cost of goods sold		524,000			303,000			126,000			723,830
Operating expenses		383,000			227,000			57,500			689,050
Income of subsidiary		(207,200	)		(51,590	)		0			0
Separate company net income	$	(263,000	)	$	(259,000	)	$	(73,700	)
Consolidated net income										$	(311,530	)
Net income attributable to the noncontrolling interest (Delta Company)											47,507
Net income attributable to the noncontrolling interest (Omega Company)											18,195
Net income attributable to the Alpha Company										$	(245,828	)
Retained earnings, 1/1/14	$	(737,500	)	$	(462,500	)	$	(114,500	)	$	(699,152	)
Net income (above)		(263,000	)		(259,000	)		(73,700	)		(245,828	)
Dividends paid		50,000			40,000			50,000			50,000
Retained earnings, 12/31/14	$	(950,500	)	$	(681,500	)	$	(138,200	)	$	(894,980	)
Cash and receivables	$	248,300		$	472,640		$	19,200		$	740,140
Inventory		350,000			320,000			181,000			825,370
Investment in Delta Company		777,200			0			0			0
Investment in Omega Company		0			276,360			0			0
Property, plant, and equipment		515,000			320,000			341,000			1,176,000
Copyrights		0			0			0			275,000
Total assets	$	1,890,500		$	1,389,000		$	541,200		$	3,016,510
Liabilities	$	(740,000	)	$	(587,500	)	$	(303,000	)	$	(1,630,500	)
Common stock		(200,000	)		(120,000	)		(100,000	)		(200,000	)
Retained earnings, 12/31/14		(950,500	)		(681,500	)		(138,200	)		(894,980	)
Noncontrolling interest in Delta Company, 12/31/14		0			0			0			(180,420	)
Noncontrolling interest in Omega Company, 12/31/14		0			0			0			(110,610	)
Total liabilities and equities	$	(1,890,500	)	$	(1,389,000	)	$	(541,200	)	$	(3,016,510	)

Develop the worksheet entries necessary to derive those reported balances: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)