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House Corporation has been operating profitably since its creation in 1960. At the beginning of 2019. House acquired a 70 percent ownership in Wilson Company. At the acquisition date, House prepared the following falr-value allocation schedule: $ 821,5ee 343,5ee $ 1,145,eee 883,eee $ 262,600 Consideration transferred for 7ex interest in Wilson Fair value of the 38% noncontrolling interest Wilson business fair value Wilson book value Excess fair value over book value Assignments to adjust Wilson's assets to fair value: To buildings (28-year remaining life) To equipment (4-year remaining life) To franchises (10-year remaining life) To goodwill (indefinite life) $ 65,000 (26,280) 62,888 1ee, see 161,200 $ House regularly buys Inventory from Wilson at a markup of 25 percent more than cost. House's purchases during 2019 and 2020 and related ending Inventory balances follow: Intra-Entity Remaining Intra-Entity Inventory- Purchases End of Year (at transfer price) $45,eee 162,500 65, eee Year 2019 2020 $135,600 On January 1, 2021, House and Wilson acted together as co-acquirers of 80 percent of Cuddy Company's outstanding common stock. The total price of these shares was $292.000, indicating neither goodwill nor other specific falr-value allocations. Each company put up one-half of the consideration transferred. During 2021, House acquired additional Inventory from Wilson at a price of $241,000. Of this merchandise. 45 percent is still held at year-end. Following are the financial records for the three companies for 2021. $ Wilson Company (846,348) 373,000 311,500 $ Cuddy Company (346,580) 176, eee 97,600 $ $ $ $ Sales and other revenues Cost of goods sold Operating expenses Income of wilson Company Income of Cuddy Company Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Wilson Company Investment in Cuddy Company Buildings Equipment Land Total assets Liabilities Connon stock Retained earnings, 12/31/21 Total liabilities and equities (29,168) (191,600) (683, eee) (191,600) 96,00 (778,eee) 382,848 373, eee House Corporation $ (1,114,552) 628, eee 317,00 (113,288) (29,160) $ (320,000) $ (833,880) (328,680) 100,000 $ (1,053,688) $ 24,602 488,650 924,588 155, 160 397,eee 398,eee 270,000 $ 2,578,000 $ (785,eee) (820,000) (1,053, eee) $ (2,578,888) $ (72,900) (215,880) (72,980) 50,000 (237,988) 85,250 213,95 All $ $ 155,160 359,00 147,eee 326,eee 1,743, eee $ (655,600) (310,000) (778,eee) $ (1,743,688) $ $ @ 148,888 92,280 18,500 557,900 (170,60e) (150,000) (237,980) (557,988) $ Note: Parentheses indicate a credit balance. Prepare a consolidation worksheet for 2021. The partial equlty method based on separate company incomes has been applied to each Investment. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Noncontrolling Consolidated Interest Balance HOUSE CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet December 31, 2021 Consolidation Entries House Wilson Cuddy Accounts Debit Credit Corporation Company Company Sales and other revenue 1,114,552 846,340 346,500 Cost of goods sold 620,000 373,000 176,000 Operating expenses 317,000 311,500 97,600 Income of Wilson Company 113.288 Income of Cuddy Company 29,160 29,160 Net income 320,000 191,000 72.900 Consolidated net income Net income attributable to noncontrolling interest (Wilson) Net income attributable to noncontrolling interest (Cuddy) Net income attributable to House Corporation Retained earnings, 1/1/21 House Corporation 833,000 Wilson Company 883,000 Cuddy Company 215,000 Net income 320,000 191,000 72.900 Dividends declared House Corporation 100,000 Wilson Company 98,000 Cuddy Company 50,000 Retained earnings, 12/31/21 1,053,000 778,000 237,900 0 778,000 382,840 373,000 237,900 85,250 213.950 1,053,000 24,602 408,650 924,588 155, 160 397,000 398,000 270,000 155, 160 359,000 147,000 326,000 148,000 92,200 18,500 Retained earnings 12/31/21 Cash and receivables Inventory Investment in Wilson Company Investment in Cuddy Company Buildings Equipment Land Goodwill Franchise contracts Total assets Liabilities Noncontrolling interest in Cuddy Noncontrolling interest in Wilson Noncontrolling interest in subsidiary companies Common stock Retained earnings Total liabilities and equities 2,578,000 705,000 1,743,000 655,000 557,900 170,000 0 820,000 1,053,000 2,578,000 310,000 778,000 1,743,000 150,000 237,900 557.900 0 0 House Corporation has been operating profitably since its creation in 1960. At the beginning of 2019. House acquired a 70 percent ownership in Wilson Company. At the acquisition date, House prepared the following falr-value allocation schedule: $ 821,5ee 343,5ee $ 1,145,eee 883,eee $ 262,600 Consideration transferred for 7ex interest in Wilson Fair value of the 38% noncontrolling interest Wilson business fair value Wilson book value Excess fair value over book value Assignments to adjust Wilson's assets to fair value: To buildings (28-year remaining life) To equipment (4-year remaining life) To franchises (10-year remaining life) To goodwill (indefinite life) $ 65,000 (26,280) 62,888 1ee, see 161,200 $ House regularly buys Inventory from Wilson at a markup of 25 percent more than cost. House's purchases during 2019 and 2020 and related ending Inventory balances follow: Intra-Entity Remaining Intra-Entity Inventory- Purchases End of Year (at transfer price) $45,eee 162,500 65, eee Year 2019 2020 $135,600 On January 1, 2021, House and Wilson acted together as co-acquirers of 80 percent of Cuddy Company's outstanding common stock. The total price of these shares was $292.000, indicating neither goodwill nor other specific falr-value allocations. Each company put up one-half of the consideration transferred. During 2021, House acquired additional Inventory from Wilson at a price of $241,000. Of this merchandise. 45 percent is still held at year-end. Following are the financial records for the three companies for 2021. $ Wilson Company (846,348) 373,000 311,500 $ Cuddy Company (346,580) 176, eee 97,600 $ $ $ $ Sales and other revenues Cost of goods sold Operating expenses Income of wilson Company Income of Cuddy Company Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Wilson Company Investment in Cuddy Company Buildings Equipment Land Total assets Liabilities Connon stock Retained earnings, 12/31/21 Total liabilities and equities (29,168) (191,600) (683, eee) (191,600) 96,00 (778,eee) 382,848 373, eee House Corporation $ (1,114,552) 628, eee 317,00 (113,288) (29,160) $ (320,000) $ (833,880) (328,680) 100,000 $ (1,053,688) $ 24,602 488,650 924,588 155, 160 397,eee 398,eee 270,000 $ 2,578,000 $ (785,eee) (820,000) (1,053, eee) $ (2,578,888) $ (72,900) (215,880) (72,980) 50,000 (237,988) 85,250 213,95 All $ $ 155,160 359,00 147,eee 326,eee 1,743, eee $ (655,600) (310,000) (778,eee) $ (1,743,688) $ $ @ 148,888 92,280 18,500 557,900 (170,60e) (150,000) (237,980) (557,988) $ Note: Parentheses indicate a credit balance. Prepare a consolidation worksheet for 2021. The partial equlty method based on separate company incomes has been applied to each Investment. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Noncontrolling Consolidated Interest Balance HOUSE CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet December 31, 2021 Consolidation Entries House Wilson Cuddy Accounts Debit Credit Corporation Company Company Sales and other revenue 1,114,552 846,340 346,500 Cost of goods sold 620,000 373,000 176,000 Operating expenses 317,000 311,500 97,600 Income of Wilson Company 113.288 Income of Cuddy Company 29,160 29,160 Net income 320,000 191,000 72.900 Consolidated net income Net income attributable to noncontrolling interest (Wilson) Net income attributable to noncontrolling interest (Cuddy) Net income attributable to House Corporation Retained earnings, 1/1/21 House Corporation 833,000 Wilson Company 883,000 Cuddy Company 215,000 Net income 320,000 191,000 72.900 Dividends declared House Corporation 100,000 Wilson Company 98,000 Cuddy Company 50,000 Retained earnings, 12/31/21 1,053,000 778,000 237,900 0 778,000 382,840 373,000 237,900 85,250 213.950 1,053,000 24,602 408,650 924,588 155, 160 397,000 398,000 270,000 155, 160 359,000 147,000 326,000 148,000 92,200 18,500 Retained earnings 12/31/21 Cash and receivables Inventory Investment in Wilson Company Investment in Cuddy Company Buildings Equipment Land Goodwill Franchise contracts Total assets Liabilities Noncontrolling interest in Cuddy Noncontrolling interest in Wilson Noncontrolling interest in subsidiary companies Common stock Retained earnings Total liabilities and equities 2,578,000 705,000 1,743,000 655,000 557,900 170,000 0 820,000 1,053,000 2,578,000 310,000 778,000 1,743,000 150,000 237,900 557.900 0 0