Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $351,000 in cash. The subsidiary's stockholders' equity accounts totaled $335,000 and the noncontrolling interest had a fair value of $39,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $15,000. 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 $65,000 in 2016 and $81,000 in 2017. Brey declared dividends of $19,500 in 2016 and $23,500 in 2017. Year Cost to Brey Transfer Price to Pitino Inventory Remaining at Year-End (at transfer price) 2016 $ 70,000 $ 120,000 $ 26,000 2017 77,000 140,000 38,000 2018 99,000 165,000 40,000 At December 31, 2018, Pitino owes Brey $17,000 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 $ (864,000 ) $ (371,000 ) Cost of goods sold 516,000 210,000 Expenses 185,500 60,000 Equity in earnings of Brey (81,540 ) 0 Net income $ (244,040 ) $ (101,000 ) Retained earnings, 1/1/18 $ (490,000 ) $ (280,000 ) Net income (above) (244,040 ) (101,000 ) Dividends declared 130,000 20,000 Retained earnings, 12/31/18 $ (604,040 ) $ (361,000 ) Cash and receivables $ 147,000 $ 99,000 Inventory 260,000 141,000 Investment in Brey 471,150 0 Land, buildings, and equipment (net) 965,000 329,000 Total assets $ 1,843,150 $ 569,000 Liabilities $ (719,110 ) $ (50,000 ) Common stock (520,000 ) (158,000 ) Retained earnings, 12/31/18 (604,040 ) (361,000 ) Total liabilities and equity $ (1,843,150 ) $ (569,000 ) 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 $81,540 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 $471,150 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.