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 Cost to Brey 2019 $ 83,000 2020 123,000 2021 115,000 Transfer Price to Pitino $ 185,000 205,000 230,000 Inventory Remaining at Year-End (at transfer price) $ 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. Sales revenues Cost of goods sold 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 Pitino Brey $ (890,000) $ (436,000) 529,000 186,800 (96,660) 223,000 86,000 0 $ (270,860) $ (127,000) $ (516,000) $ (306,000) (270,860) 143,000 (127,000) 50,000 $ (643,860) $ (383,000) $ 160,000 $ 112,000 325,000 586,800 978,000 $ 2,049,800 $ 206,000 0 342,000 $ 660,000 (820,940) $ (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 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 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 Show less 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 amounts make up the $96,660 Equity Earnings of Brey account balance for 2021? Adjusted subsidiary net income Brey's reported net income Deferred gross profit Equity in earnings of Brey % < Reg A to D Reg F > 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 2021? Net income attributable to noncontrolling interest Req A to D Req E Req F Req G Req 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 Adjusted net income 2019-2021 Dividends declared in 2019 Dividends declared in 2020 % Dividends declared in 2021 Dividends declared by Brey % 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 r transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 1 Prepare entry S Note: Enter debits before credits. Transaction 1 Accounts Debit Credit No journal entry required Common stock - Brey Common stock - Pitino Cost of goods sold Record ent view general journal Req A to D Req E Req F Req G Req H RE Without preparing a worksheet or consolidation entries, determine the consol 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