On January 1, 2022, Allan Company acquired 80 percent of Bond Company. Of Bond's total business fair value, $129,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on January 1, 2023, Bond obtained 70 percent of Cole Company's outstanding voting shares. In this second acquisition, $122,400 of Cole's total business fair value was assigned to copyrights that had a remaining life of 12 years. Bond's book value was $520,000 on January 1, 2022, and Cole reported a book value of $162,000 on January 1, 2023. Bond has made numerous inventory transfers to Allan since the business combination was formed. Intra-entity gross profits of $19,000 were present in Allan's inventory as of January 1, 2024. During the year, $208,000 in additional intra-entity sales were made with $22,880 in Intra-entity gross profits in inventory remaining at the end of the period. Both Allan and Bond utilized the equity method to account for their investment balances. Following are the individual financial statements for the companies for 2024 with consolidated totals Sales Cost of goods sold Operating expenses Income of subsidiary Separate company net income Consolidated net income Accounts Net income attributable to noncontrolling interest (Bond Company) Net income attributable to noncontrolling interest (Cole Company) Net income attributable to Allan Company Retained earnings, 1/1/24 Net income (above) Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in Bond Company Investment in Cole Company Property, plant, and equipment Copyrights Total assets Liabilities Common stock Retained earnings, 12/31/24 Noncontrolling interest in Bond Company, 12/31/24 Noncontrolling interest in Cole Company, 12/31/24 Total liabilities and equities Note: Parentheses indicate a credit balance. Allan Company $ (920,000) 508,000 296,000 (132,072) $ (248,072) $ (580,400) (248,072) 50,000 $ (778,472) $ 248,720 292,000 $ 1,586,472 Bond Company $ (508,000) 244,000 131,000 (42,420) $ (175,420) $ (430,000) (175,420) 40,000 $ (565,420) $ 131,560 470,000 Cole Company $ (291,800) 130,000 91,000 $ (70,800) $ (122,000) (70,800) 50,000 $ (142,800) $ 26,800 201,000 Consolidated Totals $ (1,511,800) 677,880 534,650 $ (299,270) 33,018 18,180 $ (248,072) $ (580,400) (248,072) 50,000 $ (778,472) $ 407,080 940,120 1,225,500 211,650 $ 2,784,350 617,752 0 241,360 428,000 467,500 330,000 0 $ 1,310,420 $ 557,800 $ (625,000) $ (315,000) $ (1,548,000) (120,000) (200,000) (565,420) (142,800) (778,472) (154,438) 0 (103,440) $ (1,586,472) $ (1,310,420) $ (557,800) $ (2,784,350) $ (608,000) (200,000) (778,472) (100,000) Required: Develop the worksheet entries necessary to derive these reported balances: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare Entry *G to recognize the intra-entity gross profit in inventory in 2023. 2 Prepare entry S1 to eliminate stockholders' equity accounts of Cole. 3 Prepare entry S2 to eliminate stockholders' equity accounts of Bond. Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2024. 5 Prepare Entry 11 to eliminate the intra-entity income accrual found on Allan's records. Prepare Entry 12 to eliminate the intra-entity income accrual found on Bond's records. 7 Prepare Entry D1 to eliminate the intra entity dividends for Bond. 8 Prepare Entry D2 to eliminate the intra entity dividends for Cole. 9 Prepare Entry E to recognize the current year amortization. 10 Prepare Entry TI to eliminate the intra-entity inventory transfer. 11 Prepare Entry G to defer the ending intra-entity gross profit on the intra-entity transfers.