Please answer the two questions on attached file. I will pay individually for them.

Chapter 5 - Problem 33 On January 1, 2013, Monica Company acquired 70 percent of Young Company's outstanding common stock for $665,000. The fair value of the noncontrolling interest at the acquisittion date was $285,000. Young reported stockholders' equity accounts on that date as follows: Common Stock - $10 par value Additional paid-in capital Retained Earnings $ 300,000 90,000 410,000 In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a 5-year remaining life) by $50,000. Any remaining excess acquisition -date fair value was allocated to a franchise agreement to be amortized over 10 years. During the subsequent years, Young sold Monica inventory at a 30 percent gross profit rate. Monica consistently resold this merchandise in the year of acquisition or in the period immediately following. Transfers for the three years after this business combination was created amounted to the following: Year 2013 2014 2015 Inventory remaining at Transfer price year-end (at transfer price) $ 60,000 $ 80,000 90,000 10,000 12,000 18,000 In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2014, for $36,000. The equipment had originally cost Monica $50,000. Young plans to depreciate these assets over a 6-year period. In 2015, Young earns a net income oof $160,000 and declares and pays $50,000 in cash dividends. These figures increase the subisidiary's Retained Earnings to a $740,000 balance at the end of 2015. During the same year, Monica reported dividend income of $35,000 and an investment account containing the initial value balance of $665,000. No changes in Young's common stock accounts have occurred since Monica's acquisition. Prepare the 2015 consolidation worksheet entries for Monica and Young. In addition , compute the net income atributable to the noncontrolling interest for 2015 Monica Journal Entries Allocation of Consideration Paid Amount of consideration paid 665,000 1/1/2013 Investment in Young Cash 665,000 665,000 mon stock for $665,000. stockholders' equity counting records n -date fair value was Monica consistently s for the three years for $36,000. The These figures same year, Monica ce of $665,000. the net income Chapter 5 - Problem 36 On January 1, 2014 , Parkway, Inc. issued securities with a total fair value of $450,000 for 100 percent pf Skyline Corporatio outstanding ownership shares. Skyline has long supplied inventory to Parkway, which hopes to achieve synergies with prod scheduling and product development with this combination. Although Skyline's book value at the acquisition date was $300,000, the fair value of its trademark was assessed to be $30, more than their carrying amounts. Additionally Skyline's patented technology was undervalued in its accounting records by $120,000. The trademark were considered to have indefinite lives, and the estimated remaining life of the patented techn wqs eight years. In 2014, Skyline sold Parkway inventory costing $30,000 for $50,000. As of December 31, 2014, Parrkway had resold only 2 percent of this inventory. In 2015, Parkway bought from Skyline $80,000 of inventory that had an original cost of $40,000. A end of 2015, Parkway held $28,000 of inventory acquired from Skyline, all from its 2015 purchases. During 2015, Parkway sold Skyline a parcel of land for $95,000 and recorded a gain of $18,000 on the sale. Skyline still owe Parkway $65,000 related to the land sale. At the end of 2015, Parkway and Skyline prepared the following statements in preparation for consolidation: Parkway, InSkyline Corporation Revenues -627000 -358000 Cost of Goods Sold 289000 195000 Other Operating Expenses 170000 75000 Gain on Sale of Land -18000 0 Equity in Skyline's earnings -55400 0 Net Income -241400 -88000 Retained Earnings 1/1/15 -314600 -292000 Net Income -241400 -88000 Dividends declared 70000 20000 Retained Earnings 12/31/15 -486000 -360000 Cash and Receivables 134000 150000 Inventory 281000 112000 Investment in Skyline 598000 0 Trademarks 0 50000 Land, buildings, and equipment (net) 637000 283000 Patented technology 0 130000 Total Assets 1650000 725000 Liabilities -463000 -215000 Common Stock -410000 -120000 Additional Paid-in Capital -291000 -30000 Retained Earnings 12/31/15 -486000 -360000 Total Liabilities and Equity -1650000 -725000 a. Show how Parkway computed $55,400 equity in Skyline's earnings balance. b. Prepare a 2015 consolidated worksheet for Parkway and Skyline. 0 percent pf Skyline Corporation's to achieve synergies with production emark was assessed to be $30,000 ued in its accounting records by ning life of the patented technology 014, Parrkway had resold only 28 ad an original cost of $40,000. At the 00 on the sale. Skyline still owes or consolidation