• Prepare Entry S to eliminate the stockholders' equity accounts of the subsidiary and recognize the noncontrolling interest.

• Prepare Entry I to eliminate the intra-entity income accrual.

• Prepare Entry D to eliminate the intra-entity dividend transfers.

• Prepare Entry E to remove the intra-entity inventory transfers made during the current year.

• Prepare Entry TI to defer the intra-entity gross profit on the 2018 intra-entity inventory transfers.

• Prepare Entry G to defer the intra-entity gross profit on the 2018 intra-entity inventory transfers.

• Prepare Entry ED to remove the current year depreciation on the transferred item since its historical cost has been fully depreciated.

Please help!!!

On January 1, 2016, Monica Company acquired 70 percent of Young Company's outstanding common stock for $658,000. The fair value of the noncontrolling interest at the acquisition date was $282,000. Young reported stockholders' equity accounts on that date as follows: $ 300,000 40,000 460,000 Common stock-$10 par value Additional paid-in capital Retained earnings In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $40,000. 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: Inventory Remaining at Year-End (at transfer price) 15,000 17,000 23,000 Transfer Year Price $ 70,000 90,000 100,000 2016 2017 2018 In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2017, for $41,000. The equipment had originally cost Monica $60,000. Young plans to depreciate these assets over a 5-year period. In 2018, Young earns a net income of $190,000 and declares and pays $50,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $790,000 balance at the end of 2018. Monica employs the equity method of accounting. Hence, it reports $127,340 investment income for 2018 with an Investment account balance of $821,770. Under these circumstances, prepare the worksheet entries required for the consolidation of Monica Company and Young Coerpany. (If no entry is required for a transaction/event, select "No Journal Enterr Required" in the first account field.) On January 1, 2016, Monica Company acquired 70 percent of Young Company's outstanding common stock for $658,000. The fair value of the noncontrolling interest at the acquisition date was $282,000. Young reported stockholders' equity accounts on that date as follows: $ 300,000 40,000 460,000 Common stock-$10 par value Additional paid-in capital Retained earnings In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $40,000. 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: Inventory Remaining at Year-End (at transfer price) 15,000 17,000 23,000 Transfer Year Price $ 70,000 90,000 100,000 2016 2017 2018 In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2017, for $41,000. The equipment had originally cost Monica $60,000. Young plans to depreciate these assets over a 5-year period. In 2018, Young earns a net income of $190,000 and declares and pays $50,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $790,000 balance at the end of 2018. Monica employs the equity method of accounting. Hence, it reports $127,340 investment income for 2018 with an Investment account balance of $821,770. Under these circumstances, prepare the worksheet entries required for the consolidation of Monica Company and Young Coerpany. (If no entry is required for a transaction/event, select "No Journal Enterr Required" in the first account field.)