On January 1, 2019, Alpha acquired 80 percent of Delta. Of Delta's total business fair value, $217,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on January 1, 2020, Delta obtained 70 percent of Omega's outstanding voting shares. In this second acquisition, $171,600 of Omega's total business fair value was assigned to copyrights that had a remaining life of 12 years. Delta's book value was $577,500 on January 1, 2019, and Omega reported a book value of $179,500 on January 1, 2020. Delta has made numerous inventory transfers to Alpha since the business combination was formed. Intra-entity gross profits of $22,800 were present in Alpha's inventory as of January 1, 2021. During the year, $214,000 in additional intra-entity sales were made with $23,540 in Intra-entity gross profits in inventory remaining 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 2021 with consolidated totals. Sales Cost of goods sold Operating expenses Income of subsidiary Separate company net income Consolidated net income Net income attributable to noncontrolling interest (Delta Company) Net income attributable to noncontrolling interest (Omega Company) Net income attributable to Alpha Company Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Alpha Company Delta Company $ (958,000) $ (669,110) $ (245,700) 522,000 327,000 (216,000) 265,000 185,000 (50,890) $ (325,000) $ (270,000) $ Omega Company Consolidated Totals $(1,658,810) 84,000 89,000 0 657,740 626,150 0 (72,700) $ (374,920) 49,680 $ (672,500) $ (487,500) (325,000) 50,000 (270,000) 40,000 $ (139,500) (72,700) 50,000 17,520 $ (307,720) $ (628,892) (307,720) 50,000 $ $ (947,500) $ (717,500) 168,900 $ 308,000 183,840 337,500 $ (162,200) $ 30,200 242,000 $ (886,612) $ 382,940 863,960 Sales Cost of goods sold Operating expenses Income of subsidiary Separate company net income Consolidated net income Net income attributable to noncontrolling interest (Delta Company) Net income attributable to noncontrolling interest (Omega Company) Net income attributable to Alpha Company Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Delta Company Investment in Omega Company Property, plant, and equipment Copyrights Total assets Liabilities Common stock Retained earnings, 12/31/21 Noncontrolling interest in Delta Company, 12/31/21 Noncontrolling interest in Omega Company, 12/31/21 Total liabilities and equities Note: Parentheses indicate a credit balance. Alpha Company $ (958,000) 522,000 327,000 (216,000) Delta Company Omega Company $ (669,110) $ (245,700) 265,000 185,000 (50,890) Consolidated Totals $(1,658,810) 84,000 657,740 89,000 626,150 0 0 $ (325,000) $ (270,000) $ (72,700) $ (672,500) $ (487,500) $ (139,500) $ $ (374,920) 49,680 17,520 $ (307,720) (325,000) $ 50,000 (947,500) $ (717,500) (270,000) 40,000 (72,700) 50,000 (628,892) (307,720) 50,000 $ (162,200) $ (886,612) $ 168,900 $ 308,000 183,840 337,500 $ 30,200 $ 242,000 382,940 863,960 843,600 0 0 0 0 303,660 0 0 462,000 560,000 306,000 1,328,000 0 0 0 327,450 $ 1,782,500 $ 1,385,000 $ 578,200 $ 2,902,350 $ (635,000) $(1,498,500) (200,000) (947,500) (120,000) (100,000) (200,000) (717,500) (162,200) (886,612) 0 0 0 (195,678) 0 0 0 (121,560) $(1,782,500) $(1,385,000) $ (578,200) $(2,902,350) $ (547,500) $ (316,000) Note: Parentheses indicate a credit balance. Develop the worksheet entries necessary to derive these reported balances: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction Accounts 1 1 Retained earnings (Delta) Cost of goods sold Debit Credit 22,800 22,800 2 2 Retained earnings (Delta) Investment in Omega 10,010 10,010 3 3 Retained earnings (Alpha) 45,322 Investment in Delta 43,400 x 4 4 Common stock (Omega) Retained earnings (Omega) Investment in Omega Noncontrolling interest in Omega 100,000 139,500 167,650 71,850