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 What amounts make up the $586,800 Investment in Brey account balance as of December 31, 2021? 468,000 Investment in Brey (consideration transferred) Net income of Brey Reported 2019 Reported 2020 Reported 2021 Reported Total Excess amortizations Adjusted net income 2019-2021 Pitino's ownership Intra-entity gross profit, 12/31/21 Dividends declared by Brey Dividends declared in 2019 Dividends declared in 2020 Dividends declared in 2021 Dividends declared in Total Pitino's ownership Investment in Brey, 12/31/21 $ 78,000 94,000 127,000 299,000 (28,500) 270,500 90 % 243,450 (32,500) $ (26,000) (30,000) (50,000) X (106,000) 90 (95,400) 583,550