Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $477,000 in cash. The subsidiary's stockholders' equity accounts totaled $461,000 and the noncontrolling interest had a fair value of $53,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $43,000. 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 $79,000 in 2016 and $95,000 in 2017. Brey declared dividends of $26,500 in 2016 and $30,500 in 2017. Year Cost to Brey Transfer Price to Pitino Inventory Remaining at Year-End (at transfer price) 2016 $ 84,000 $ 190,000 $ 40,000 2017 126,000 210,000 52,500 2018 164,500 235,000 70,000 At December 31, 2018, Pitino owes Brey $31,000 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 $ (892,000 ) $ (441,000 ) Cost of goods sold 530,000 224,000 Expenses 186,900 88,000 Equity in earnings of Brey (106,380 ) 0 Net income $ (281,480 ) $ (129,000 ) Retained earnings, 1/1/18 $ (518,000 ) $ (308,000 ) Net income (above) (281,480 ) (129,000 ) Dividends declared 144,000 51,000 Retained earnings, 12/31/18 $ (655,480 ) $ (386,000 ) Cash and receivables $ 161,000 $ 113,000 Inventory 330,000 211,000 Investment in Brey 604,440 0 Land, buildings, and equipment (net) 979,000 343,000 Total assets $ 2,074,440 $ 667,000 Liabilities $ (828,960 ) $ (11,000 ) Common stock (590,000 ) (270,000 ) Retained earnings, 12/31/18 (655,480 ) (386,000 ) Total liabilities and equity $ (2,074,440 ) $ (667,000 ) 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 $106,380 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 $604,440 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.