On January 1, 2019, Alpha acquired 80 percent of Delta. Of Delta's total business fair value, $188,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on January 1, 2020, Delta obtained 70 percent Omega's outstanding voting shares. In this second acquisition, $167,400 of Omega's total business fair value was assigned to copyrights that had a remaining life of 12 years. Delta's book value was $632,500 on January 1, 2019, and Omega reported a book value of $182,000 on January 1, 2020. Delta has made numerous inventory transfers to Alpha since the business combination was formed. Intra-entity gross profits of $22,400 were present in Alpha's inventory as of January 1, 2021. During the year, $204,000 in additional intra-entity sales were made with $22.440 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. $ Alpha Company $ (1.030.800) 514.000 367.000 (151 200) S (301,000) Delta Company (551,310) 248.000 168,000 (53,690) (189,000) Omega Company $ (300,700) 152,000 72,000 0 $ (76,700) Consolidated Totals $ (1.678,810) 710,040 630,350 0 $ 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 $ $ $ (835,000) (301.000) 50,000 S (1,086,000) $ 296,900 341,000 799,600 0 461,000 0 $ 1,898,500 $ $ (542,500) (189,000) 40,000 S (691,500 S 225,730 362,500 0 298,270 340,000 0 $ 1,226,500 $ (338,420) 33,959 18,825 $ (285,636) $ (794,228) (285,636) 50,000 $ (1,029,864) $ 541,330 890,060 0 0 1,118,000 299 300 $ 2,848,690 (142,000) (76,700) 60,000 (158,700) 18,700 209,000 0 0 317,000 0 544,700 $ 9:12 PM 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 $ 1,898,500 $ (612,500) (200,000) (1,086,000) 0 0 $ (1,898,500) $ 1,226,500 $ (415,000) (120,000) (691,500) 0 0 $ (1,226,500) $ 544,700 $ (286,000) (100,000) (158,700) 0 0 $ (544,700) $ 2,848,690 $ (1,313,500) (200,000) (1,029,864) (185,866) (119,460) $ (2,848,690) 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.) view transaction list Consolidation Worksheet Entries Prepare Entry *G to recognize the intra-entity gross profit in inventory in 2020. Note: Enter debits before credits Accounts Debit Transaction Credit 9:12 PM