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) $ 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) 529,000 223,000 186,800 86,000 (96,660) $ (270,860) $ (127,000) $ (516,000) $ (306,000) (270,860) (127,000) 143,000 50,000 $ (643,860) $ (383,000) $ 160,000 $ 112,000 325,000 206,000 586,800 978,000 342,000 $ 2,049,800 $ 660,000 $ (820,940) $ (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? 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. Reg A to D ReqE ReqF Req G ReqH ReqI Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two compani all amounts as positive values.) $ $ $ $ CA 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 $ 1,326,000 $ 971,900 282,300 $ 0 71,800 $ 9,666 $ 62,134 $ 516,000 143,000 $ 643,860 $ 242,000 $ 498,600 $ 0 $ 1,348,700 10,800 $ 2,100,100 $ 805,940 $ 65,300 585,000 $ 643,860 $ 2,100,100 $ CA A A GA $ $ AEA