On January 1, 2019, Monica Company acquired 80 percent of Young Companys outstanding common stock for $744,000 The fair value of the noncontrolling interest at the acquisition date was $186,000 Young reported stockholders equity accounts on that date as follows Common stock$10 par value $ 300,000 Additional paid in capital 50,000 Retained earnings 450,000 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 $90,000 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 20 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 Year Transfer Price Inventory Remaining at Year End (at transfer price) 2019 $ 60,000 $ 14,000 2020 80,000 16,000 2021 90,000 22,000 In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2020, for $40,000 The equipment had originally cost Monica $58,000 Young plans to depreciate these assets over a five year period In 2021, Young earns a net income of $180,000 and declares and pays $45,000 in cash dividends These figures increase the subsidiary's Retained Earnings to a $780,000 balance at the end of 2021 During this same year, Monica reported dividend income of $36,000 and an investment account containing the initial value balance of $744,000 No changes in Young's common stock accounts have occurred since Monica's acquisition Prepare the 2021 consolidation worksheet entries for Monica and Young Compute the net income attributable to the noncontrolling interest for 2021 Prepare Entry G Prepare Entry TA Prepare Entry C Prepare Entry S Prepare Entry A Prepare Entry I Prepare Entry E Prepare Entry TI Prepare Entry G Prepare Entry ED Compute the net income attributable to the noncontrolling interest for 2021 Net income attributable to noncontrolling interest

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On January 1, 2019, Monica Company acquired 80 percent of Young Companys outstanding common stock for $744,000. The fair value of the noncontrolling interest at

On January 1, 2019, Monica Company acquired 80 percent of Young Companys outstanding common stock for $744,000. The fair value of the noncontrolling interest at the acquisition date was $186,000.

Young reported stockholders equity accounts on that date as follows:


Common stock$10 par value	$	300,000
Additional paid-in capital		50,000
Retained earnings		450,000

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 $90,000. 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 20 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:

Year	Transfer Price		Inventory Remaining at Year-End (at transfer price)
2019	$	60,000	$	14,000
2020		80,000		16,000
2021		90,000		22,000

In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2020, for $40,000. The equipment had originally cost Monica $58,000. Young plans to depreciate these assets over a five-year period.

In 2021, Young earns a net income of $180,000 and declares and pays $45,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $780,000 balance at the end of 2021. During this same year, Monica reported dividend income of $36,000 and an investment account containing the initial value balance of $744,000. No changes in Young's common stock accounts have occurred since Monica's acquisition.