Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $459,000 in cash. The subsidiary's stockholders' equity accounts totaled $443,000 and the noncontrolling interest had a fair value of $51,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $39,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (four-year remaining life). Brey reported net income from its own operations of $77,000 in 2016 and $93,000 in 2017. Brey declared dividends of $25,500 in 2016 and $29,500 in 2017. Year Cost to Brey Transfer Price to Pitino Inventory Remaining at Year-End (at transfer price) 2016 $ 82,000 $ 180,000 $ 38,000 2017 100,000 200,000 50,500 2018 123,750 225,000 60,000 At December 31, 2018, Pitino owes Brey $29,000 for inventory acquired during the period. The following separate account balances are for these two companies for December 31, 2018, and the year then ended. Note: Parentheses indicate a credit balance. Pitino Brey Sales revenues $ (888,000 ) $ (431,000 ) Cost of goods sold 528,000 222,000 Expenses 186,700 84,000 Equity in earnings of Brey (101,115 ) 0 Net income $ (274,415 ) $ (125,000 ) Retained earnings, 1/1/18 $ (514,000 ) $ (304,000 ) Net income (above) (274,415 ) (125,000 ) Dividends declared 142,000 32,000 Retained earnings, 12/31/18 $ (646,415 ) $ (397,000 ) Cash and receivables $ 159,000 $ 111,000 Inventory 320,000 201,000 Investment in Brey 592,470 0 Land, buildings, and equipment (net) 977,000 360,000 Total assets $ 2,048,470 $ 672,000 Liabilities $ (822,055 ) $ (21,000 ) Common stock (580,000 ) (254,000 ) Retained earnings, 12/31/18 (646,415 ) (397,000 ) Total liabilities and equity $ (2,048,470 ) $ (672,000 ) What was the annual amortization resulting from the acquisition-date fair-value allocations? Were the intra-entity transfers upstream or downstream? What intra-entity gross profit in inventory existed as of January 1, 2018? What intra-entity gross profit in inventory existed as of December 31, 2018? What amounts make up the $101,115 Equity Earnings of Brey account balance for 2018? What is the net income attributable to the noncontrolling interest for 2018? What amounts make up the $592,470 Investment in Brey account balance as of December 31, 2018? Prepare the 2018 worksheet entry to eliminate the subsidiarys beginning owners equity balances. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies.