Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $549,000 in cash. The subsidiary's stockholders' equity accounts totaled $533,000, and the noncontrolling interest had a fair value of $61,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $34,000. 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 $87,000 in 2019 and $103,000 in 2020. Brey declared dividends of $30,500 in 2019 and $34,500 in 2020.

Brey sells inventory to Pitino as follows:

Year	Cost to Brey			Transfer Price to Pitino			Inventory Remaining at Year-End (at transfer price)
2019	$	92,000		$	230,000		$	48,000
2020		112,500			250,000			60,000
2021		192,500			275,000			55,000

At December 31, 2021, Pitino owes Brey $39,000 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.

	Pitino				Brey
Sales revenues	$	(908,000	)		$	(481,000	)
Cost of goods sold		538,000				232,000
Expenses		187,700				104,000
Equity in earnings of Brey		(134,550	)			0
Net income	$	(316,850	)		$	(145,000	)
Retained earnings, 1/1/21	$	(534,000	)		$	(324,000	)
Net income (above)		(316,850	)			(145,000	)
Dividends declared		152,000				59,000
Retained earnings, 12/31/21	$	(698,850	)		$	(410,000	)
Cash and receivables	$	169,000			$	121,000
Inventory		370,000				300,000
Investment in Brey		691,650				0
Land, buildings, and equipment (net)		987,000				351,000
Total assets	$	2,217,650			$	772,000
Liabilities	$	(888,800	)		$	(28,000	)
Common stock		(630,000	)			(334,000	)
Retained earnings, 12/31/21		(698,850	)			(410,000	)
Total liabilities and equity	$	(2,217,650	)		$	(772,000	)

1. What amounts make up the $134,550 Equity Earnings of Brey account balance for 2021?

2. What is the net income attributable to the noncontrolling interest for 2021?

3. What amounts make up the $691,650 Investment in Brey account balance as of December 31, 2021?

4. Prepare the 2021 worksheet entry to eliminate the subsidiarys beginning owners equity balances.

5. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies.