On January 1, 2019, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporation's outstanding voting stocl Eagle's acquisition date balance sheet follows: Cash and receivables Inventory Property and equipment (net) $ 15,000 Liabilities 35,000 Common stock 350,000 Retained earnings $ 400,000 $ 76,000 150,000 174.ee $ 400,eee On January 1, 2019, Parflex prepared the following fair-value allocation schedule: Consideration transferred by Parflex 10% noncontrolling interest fair value Fair value of Eagle Book value of Eagle Excess fair over book value to equipment (undervalued, renaining life of 9 years) to goodwill (indefinite life) $344,000 36, eee 380,000 324, eee [ , 56, eee 18,eee $ 38,000 The companies' financial statements for the year ending December 31, 2021, follow: Sales Cost of goods sold Depreciation expense Equity in Eagle's earnings Separate company net income Parflex $ (862,000) 515,888 191,200 (79,200) $ (235,000) Eagle $ (366,000) 209, eee 67,eee $ (90,000) $ (99, eee) Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 $ (500,000) $ (278,000) (235,000) 130,000 27,888 $ (605, eee) $ (341,000) Cash and receivables Inventory Investment in Eagle Property and equipment (net) Total assets $ 135,000 255, eee 488,900 964.000 $ 1,842,900 $ 82,600 136,000 e 328,000 $ 546,000 $ (55,000) Liabilities Common stock-Parflex Connon stock-Eagle Retained earnings 12/31 Total liabilities and owners' equity $ (722,980) (515,000) e (605,000) $(1,842,900) ) (150,000) (341,eee) $ (546,000) At year-end, there were no intra-entity receivables or payables. c. Determine the amounts that should appear on Parflex's December 31, 2021, consolidated statement of financial position and its 2021 consolidated income statement. Required A Required B Required Determine the amounts that should appear on Parflex's December 31, 2021, consolidated statement of financial position and its 2021 consolidated Income statement. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less Noncontrolling PARFLEX CORPORATION AND EAGLE CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Adjustments & Elimination Parflex Eagle Debit Credit $ (862,000) $ (366,000) 515,000 209,000 191,200 67,000 2.000 (79,200) 0 79,200 Consolidated Totals Interest $ (1,228,000) 724,000 260,200 0 $ 235,000) $ (90,000) S (8,800) s 278,000 s December 31, 2021 Sales Cost of goods sold Depreciation expense Equity in Eagle's earnings Separate company net income Consolidated net income to noncontrolling interest to Parflex Corporation Retained earnings 1/1 Net Income Dividends declared Retained earnings 12/31 Cash and receivables Inventory Investment in Eagle Property & equipment (net) Goodwill F Total assets F Liabilities Common stock NCI 1/1 24,300 (243,800) 8,800 (235,000) (500,000) (235,000) 130,000 (605,000) 217,000 391,000 2,700 $ (500,000) (235,000 130,000 $ (605,000) $ 135,000 255,000 488.900 964,000 S $ (278,000) (90,000) 27,000 $ (341,000) S 82.000 136,000 0 328,000 s 24,300 14,000 38.000 513,200 2.000 $ $ 1,842,900 $ (722,900) (515,000) $ 546,000 $ (55,000) (150.000) 1,304,000 38,000 1,950,000 (777.900) (515,000) s 150,000 46,000 (46,000) (57,500) NCI 12/31 Retained earnings 12/31 Total liabilities and equities (605,000) S (1,842,900) (341,000) $ (546,000) (52.100) (605,000) $ (1,950,000) 585,500 585,500