On January 1, 2021, Sledge had common stock of $260,000 and retained earnings of $400,000 During that year, Sledge reported sales of $270,000, cost of goods sold of $140,000, and operating expenses of $54,000 On January 1, 2019, Percy, Inc , acquired 80 percent of Sledge's outstanding voting stock At that date, $74,000 of the acquisition date fair value was assigned to unrecorded contracts (with a 20 year life) and $34,000 to an undervalued building (with a 10 year remaining life) In 2020, Sledge sold inventory costing $15,950 to Percy for $29,000 Of this merchandise, Percy continued to hold $8,000 at year end During 2021, Sledge transferred inventory costing $17,000 to Percy for $34,000 Percy still held half of these items at year end On January 1, 2020, Percy sold equipment to Sledge for $19,000 This asset originally cost $30,000 but had a January 1, 2020, book value of $11,800 At the time of transfer, the equipment's remaining life was estimated to be five years Percy has properly applied the equity method to the investment in Sledge Prepare worksheet entries to consolidate these two companies as of December 31, 2021 Compute the net income attributable to the noncontrolling interest for 2021 Please help me with Entry I, Entry G, in computing the net income attributable to the noncontrolling interest for 2021 select No jou 3,600 Accounts 3,600 IS on Retained earings Cost of goods sold 11,000 5,760 16,760 Equipment Investment in Sledge Accumulated depreciation Equipment 260,000 396,400 525, 120 131,280 Common stock Retained earnings Investment in Sledge Noncontrolling interest in Sledge 66,600 27,200 75,040 18,760 4 Contracts Buildings Investment in Sledge Noncontroting interest in Sledge 52 736X 52,736 5 Equity in income of Sledge Investment in Sledge 3,700 3,400 OOOO 6 Amortization expense Depreciation expense Contracts Buildings 3,700 3,400 34 000 34 000 7 Sales Cost of goods sold 8,380 X X 8,350 $ 8 a Cost of goods sold Inventory S 1 440 1 440 9 Accumulated depreciation Equipment Depreciation expense Prepare worksheet Compute the net income attributable to the Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below Required B Required A Compute the net income attributable to the noncontrolling interest for 2021 $ 12 824 Not income attributable to noncontrolling interest

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On January 1, 2021, Sledge had common stock of $260,000 and retained earnings of $400,000. During that year, Sledge reported sales of $270,000, cost of

On January 1, 2021, Sledge had common stock of $260,000 and retained earnings of $400,000. During that year, Sledge reported sales of $270,000, cost of goods sold of $140,000, and operating expenses of $54,000.

On January 1, 2019, Percy, Inc., acquired 80 percent of Sledge's outstanding voting stock. At that date, $74,000 of the acquisition-date fair value was assigned to unrecorded contracts (with a 20-year life) and $34,000 to an undervalued building (with a 10-year remaining life).

In 2020, Sledge sold inventory costing $15,950 to Percy for $29,000. Of this merchandise, Percy continued to hold $8,000 at year-end. During 2021, Sledge transferred inventory costing $17,000 to Percy for $34,000. Percy still held half of these items at year-end.

On January 1, 2020, Percy sold equipment to Sledge for $19,000. This asset originally cost $30,000 but had a January 1, 2020, book value of $11,800. At the time of transfer, the equipment's remaining life was estimated to be five years.

Percy has properly applied the equity method to the investment in Sledge.

Prepare worksheet entries to consolidate these two companies as of December 31, 2021.
Compute the net income attributable to the noncontrolling interest for 2021.

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Please help me with Entry I, Entry G, & in computing the net income attributable to the noncontrolling interest for 2021.

select "No jou 3,600 Accounts 3,600 IS on Retained earings Cost of goods sold 11,000 5,760 16,760 Equipment Investment in Sledge Accumulated depreciation-Equipment 260,000 396,400 525, 120 131,280 Common stock Retained earnings Investment in Sledge Noncontrolling interest in Sledge 66,600 27,200 75,040 18,760 4 Contracts Buildings Investment in Sledge Noncontroting interest in Sledge 52.736X 52,736 5 Equity in income of Sledge Investment in Sledge 3,700 3,400 OOOO 6 Amortization expense Depreciation expense Contracts Buildings 3,700 3,400 34.000 34.000 7 Sales Cost of goods sold 8,380 X X 8,350 $ 8 a Cost of goods sold Inventory S 1.440 1.440 9 Accumulated depreciation Equipment Depreciation expense Prepare worksheet Compute the net income attributable to the Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required B Required A Compute the net income attributable to the noncontrolling interest for 2021. $ 12.824 % Not income attributable to noncontrolling interest