Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $342,000 in cash. The subsidiary's stockholders' equity accounts totaled $326,000, and the noncontrolling interest had a fair value of $38,000 on that day. However, a building (with a nine-year remaining life) in Brey's accounting records was undervalued by $18,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (six-year remaining life). Brey reported net income from its own operations of $64,000 in 2019 and $80,000 in 2020. Brey declared dividends of $19,000 in 2019 and $23,000 in 2020 Brey sells inventory to Pitino as follows: Inventory Remaining at Year-End (at transfer price) $ 25,000 37,500 50,000 Year 2019 2020 2021 Transfer Price to Pitino $ 115,000 135,000 160,000 Cost to Brey $ 69,000 81,000 92,809 At December 31, 2021, Pitino owes Brey $16,000 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 At December 31, 2021, Pitino owes Brey $16,000 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. Brey $ (366,000) 209,000 67,000 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 equities Pitino $ (862,080) 515,000 185,400 (68,499) $ (230,000) $ (488,000) (230,000) 136,000 $ (582,000) $ 146,000 255,000 450,000 964,000 $ 1,815,000 $ (718,000) (515,000) (582,000) $(1,815,000) $ (90,000) $ (278,000) (90,000) 27,000 $ (341,000) $ 98,000 136,000 328,000 $ 562,000 $ (71,000) (150,000) (341, 800) $ (562,000) 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 equities $ (488,000) (230,000) 136,000 $ (582,890) 146,099 255,000 450,000 964,000 $ 1,815,000 $ (718,000) (515,000) (582,000) $(1,815,000) $(278,000) (90,000) 27,000 $ (341,099) 98,000 136,000 8 328,000 $ 562,000 $ (71,000) (150,000) (341,000 $ (562,000) 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 $68,400 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 $450,000 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. 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. Reg I Reg H Reg 6 Reg F Req A to D Req E 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? Show less A a. Annual amortization b. Intra-entity transfers c Intra-entity gross profit, January 1, 2021 d. Intra-entity gross profit, December 31, 2021 Reg E > 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. ReqI ReqF Reg G Reg H Req A to D Req E What amounts make up the $68,400 Equity Earnings of Brey account balance for 2021? %