Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019. in exchange for $468,000 in cash. The subsidiary's stockholders' equity accounts totaled $452.000, and the noncontrolling interest had a fair value of $52.000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $41.000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (five-year remaining life), Brey reported net income from its own operations of $78,000 in 2019 and $94,000 in 2020. Brey declared dividends of $26.000 in 2019 and $30,000 in 2020 Brey sells inventory to Pitino as follows: Year 2019 2020 2021 Cost to Brey $83,000 123,000 115,000 Transfer Price to Pitino $ 185,000 205,000 230,000 Inventory Remaining at Year-End (at transfer price) 5 39,000 56,000 65,000 At December 31, 2021, Pitino owes Brey $30,000 for inventory acquired during the period. The following separate account balances are for these two companies for December 31, 2021, and the year then ended Note: Parentheses indicate a credit balance Pitino Brey $ (890,000) 5 (436,000) Sales revenues Cost of goods sold Expenses Equity in earnings of Brey Net incose Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net) Total assets 529,000 186,800 223,800 86,000 (96,660) $ (270,860) $(127,000) 5 (516,000) (306,000) (270,860) 143,000 (327,000) 50,000 $ (643,860) 3(383,000) $ 160,000 $132,000 325,000 206,000 586,800 978,000 342,000 $ 2,049,800 3 660,000 Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equity $ (820,940) $ (15,000) (585,000) (643,868) (262,080) (383,000) $(2,049,800) 3(660,008) a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 20212 d. What intra-entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $96,660 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances, 1. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies Complete this question by entering your answers in the tabs below. Req A to D Reg E Req F Req G Req H Req Investment in Brey Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equity 586,800 978,000 $ 2,049,800 342,000 $660,000 $ (820,940) $ (15,000) (585,000) (262,000) (643,860) (383,000) $(2,049,800) S (660,000) a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intra-entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $96,660 Equity Eamings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. i. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies Complete this question by entering your answers in the tabs below. Req A to D Req E Req F Req G Req H Req I a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intra-entity gross profit in inventory existed as of December 31, 2021? a. Annual amortization b. Intra-entity transfers C Intra-entity gross profit, January 1, 2021 d Intra-entity gross profit, December 31, 2021 RoA to DX ReqE> Show less A Investment in Brey Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equity 586,800 978,000 0 342,000 $ 2,049,800 $ 660,000 $ (820,940) S (15,000) (585,000) (262,000) (643,860) (383,000) $(2,049,800) $ (660,000) a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intra-entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $96,660 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? 9. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. i. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. Complete this question by entering your answers in the tabs below. Req A to D RegE Req F Req G Req H Req I What amounts make up the $96,660 Equity Earnings of Brey account balance for 20217 Expenses Equity in earnings of Brey Net income Retained earnings, 1/1/21 Net income (above) Dividends declared. Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equity 186,806 (96,660) 86,000 e $ (270,860) $(127,000) $ (516,000) $ (306,000) (270,860) 143,000 (127,000) 50,000 $ (643,860) $ (383,000) $ 160,000 $ 112,000 325,000 206,000 586,800 978,000 342,000 $660,000 $ 2,049,800 $ (820,940) S (15,000) (585,000) (262,000) (643,860) $(2,049,800) (383,000) $ (660,000) a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intro-entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $96,660 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet try to eliminate the subsidiary's beginning owners' equity balances. 1. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. Complete this question by entering your answers in the tabs below. Req A to D Req E Req F Req G Req H Req I What is the net income attributable to the noncontrolling interest for 20217 Net income attributable to noncontrolling interest a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intra-entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $96,660 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances i. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two comp Complete this question by entering your answers in the tabs below. Req A to D Req E Req F Req G Reg H Req I What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? Investment in Brey (consideration transferred) Net income of Brey Dividends declared by Brey < Prev e. What amounts make up the $96,660 Equity Earnings of Brey account balance for 2021 f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. i. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. Complete this question by entering your answers in the tabs below. Req A to D Req E Req F Req G Req H Req I Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare entry S Note: Enter debits before credits. Transaction Accounts Debit Credit Record entry Clear entry < Req G view general journal Req! > g e. What amounts make up the $96,660 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. i. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. Complete this question by entering your answers in the tabs below. Req A to D Req E Req F Req G Req H Req I Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. (Input all amounts as positive values.) Sales revenues Cost of goods sold Expenses Equity in earnings of Brey Consolidated net income Noncontrolling interest in consolidated net income. Consolidated net income to Pitino Retained earnings, 1/1/21 Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net)) Patented technology Total Assets Liabilities Noncontrolling interest in Brey, 12/31/21 Common Stock Retained earnings, 12/31/21 Total liabilities and equity Consolidated Balance