On January 1, 2019, Monica Company acquired 70 percent of Young Company's outstanding common stock for $728,000. The fair value of the noncontrolling interest of the acquisition date was $312,000. Young reported stockholders' equity accounts on that date as follows: Common stock-$10 par value $200,000 Additional paid in capital 70,000 Retained earnings 560,000 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 $80.000. 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 40 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 Remaining at Year End Transfer (at transfer Year Price 2010 price! 338,620 $ 25,000 50, 690 27.000 2021 68,000 33,000 In addition, Monica sold Young several pleces of fully depreciated equipment on January 1, 2020, for $91,000. The equipment had originally cost Monica $30,00D. Young plans to depreciate these assets aver a six-year period. In 2021, Young earns a net income of $290.000 and declares and pays $80,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $890.000 balance at the end of 2021. During this same year, Monica reported dividend Income of $50,000 and an investment account containing the initial value balance of $728,000. No changes in Young's common stock accounts have occurred since Monica's acquisition a. Prepare the 2021 consolidation worksheet entries for Monica and Young b. Compute the net income attributable to the noncontrolling interest for 2021