On January 1, 2023, Gomez Company acquired 90 percent of Martin Company's outstanding stock for $781,200. The 10 percent noncontrolling interest had an assessed fair value of $86,800 on that date. Martin's acquisition-date book value consisted of $310,000 common stock and $450,000 retained earnings. Any acquisition-date excess fair value over book value was attributed to an unrecorded licensing agreement owned by Martin with an estimated remaining life of 12 years. Gomez uses the equity method to account for its investment in Martin. Also on January 1, 2023, Martin acquired an 80 percent interest in Short Company for $357,000. At the acquisition date, the 20 percent noncontrolling interest fair value was $89,250. Short's acquisition date book value consisted of $205,000 common stock and $185,000 retained earnings. Any excess fair value was attributed to a fully amortized copyright that had a remaining life of 5 years. Martin uses the equity method to account for its investment in Short. Reported separate net income (before inclusion of equity method income) totals for 2023 follow: The following are the 2024 financial statements for these three companies (credit balances indicated by parentheses). Short has transferred inventory to Martin since the takeover amounting to $80,000(2023) and $90,000(2024). These transactions include the same markup applicable to Short's outside sales. In each year, Martin carried 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 21 percent is applicable to all companies. All dividend declarations are paid in the same period. Pequired: at. Prepare schedules that show the calculations of the mvestment in Short 12/3v/24 account balances. a2. Prepare schedules that show the calculations of the Imvestment in Martin 12/31/24 sccount balarices. b. Prepare the business combination's 2024 consolidaton worksheot ignoce income tax effects. c. Determine the emount of income tax for Gomez and Martin on a consosidated tas retum for 2024. d. Determine the amount of Shert's income tax on a separate tax roturn for 2024 e. Gased on the answers to tequiremeots (c) and (d). What journal entry does this combination make to record 2024 income tax? Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances Prepare schedules that show the calculations of the Investment in Martin 12/31/24 account b Kchapter 70 Sined Help Save \& Exit Submit Check my work d. Determine the amount of Short's income tax on a separate tax return for 2024 . e. Based on the answers to requirements (c) and (d), what journal entry does this comb Complete this question by entering your answers in the tabs below. c. Determine the amount of income tax for Gomez and Martin on a consolidated tax returr d. Determine the amount of Short's income tax on a separate tal return for 2024. Note: Round your intermediate and final answer to the nearest whole dollar. Journal entry worksheet Note: Enter debits before credits. On January 1, 2023, Gomez Company acquired 90 percent of Martin Company's outstanding stock for $781,200. The 10 percent noncontrolling interest had an assessed fair value of $86,800 on that date. Martin's acquisition-date book value consisted of $310,000 common stock and $450,000 retained earnings. Any acquisition-date excess fair value over book value was attributed to an unrecorded licensing agreement owned by Martin with an estimated remaining life of 12 years. Gomez uses the equity method to account for its investment in Martin. Also on January 1, 2023, Martin acquired an 80 percent interest in Short Company for $357,000. At the acquisition date, the 20 percent noncontrolling interest fair value was $89,250. Short's acquisition date book value consisted of $205,000 common stock and $185,000 retained earnings. Any excess fair value was attributed to a fully amortized copyright that had a remaining life of 5 years. Martin uses the equity method to account for its investment in Short. Reported separate net income (before inclusion of equity method income) totals for 2023 follow: The following are the 2024 financial statements for these three companies (credit balances indicated by parentheses). Short has transferred inventory to Martin since the takeover amounting to $80,000(2023) and $90,000(2024). These transactions include the same markup applicable to Short's outside sales. In each year, Martin carried 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 21 percent is applicable to all companies. All dividend declarations are paid in the same period. Pequired: at. Prepare schedules that show the calculations of the mvestment in Short 12/3v/24 account balances. a2. Prepare schedules that show the calculations of the Imvestment in Martin 12/31/24 sccount balarices. b. Prepare the business combination's 2024 consolidaton worksheot ignoce income tax effects. c. Determine the emount of income tax for Gomez and Martin on a consosidated tas retum for 2024. d. Determine the amount of Shert's income tax on a separate tax roturn for 2024 e. Gased on the answers to tequiremeots (c) and (d). What journal entry does this combination make to record 2024 income tax? Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances Prepare schedules that show the calculations of the Investment in Martin 12/31/24 account b Kchapter 70 Sined Help Save \& Exit Submit Check my work d. Determine the amount of Short's income tax on a separate tax return for 2024 . e. Based on the answers to requirements (c) and (d), what journal entry does this comb Complete this question by entering your answers in the tabs below. c. Determine the amount of income tax for Gomez and Martin on a consolidated tax returr d. Determine the amount of Short's income tax on a separate tal return for 2024. Note: Round your intermediate and final answer to the nearest whole dollar. Journal entry worksheet Note: Enter debits before credits