On January 1, 2019, Monica Company acquired 70 percent of Young Company's outstanding common stock for $658.000. The fair value of the noncontrolling Interest at the acquisition date was $282,000. Young reported stockholders' equity accounts on that date as follows: Connon stock-$10 par value Additional paid-in capital Retained earnings $ 300,000 40,000 460,eee In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building with a five-year remaining life by $40,000. Any remaining excess acquisition-date fair value was allocated to a franchise agreement to be amortized over 10 years. During the subsequent years, Young sold Monica Inventory at a 30 percent gross profit rate. Monica consistently resold this merchandise in the year of acquisition or in the period immediately following. Transfers for the three years after this business combination was created amounted to the following: Inventory Renaining Transfer (at transfer price) $ 15,882 90, eee 1ee,eee 23,880 at Year-End Price $ 78,000 Year 2019 2020 2021 17,00 In addition, Monica sold Young several pleces of fully depreciated equipment on January 1, 2020, for $41.000. The equipment had originally cost Monica $60.000. Young plans to depreciate these assets over a 5-year period. In 2021. Young earns a net income of $190.000 and declares and pays $50.000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $790.000 balance at the end of 2021. Monica employs the equity method of accounting. Hence, It reports $127,340 Investment income for 2021 with an Investment account balance of $821,770. Prepare the worksheet entries required for the consolidation of Monica Company and Young Company. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction et Consolidation Worksheet Entries 3 1 2 4 5 8 7 8 11 Prepare Entry *G Note: Enter debits before credits Transaction Accounts Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare Entry *TA Note: Enter debits before credits. Accounts Debit Credit Transaction 2 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries 1 2 3 4 4 5 8 8 7 8 11 Prepare Entry *c Note: Enter debits before credits. Accounts Debit Credit Transaction 3 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries