Problem 7-28 (Static) (LO 7-5, 7-6) Parson Company acquired an 80 percent interest in Syber Company on January 1, 2020. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared. The individual financial statements for the two companies as well as consolidated totals for 2021 follow (credit balances indicated by parentheses): Parson Company $(800,000) 500,000 100,000 (24,800) $(274,800) Syber Company $(600,000) 400,000 100,000 0 $100,000) Consolidated Totals $(1,280,000) 784,000 202,500 0 Sales Cost of goods sold Operating expenses Income of Syber Separate company net income Consolidated net income Net Incone attributable to noncontrolling interest Net Income attributable to Parson Company Retained earnings, 1/1/21 Net Income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Syber Company Land, buildings, and equipment Trademarks Total asets Llabilities Common stock Additional paid-in capital Noncontrolling interest in Syber Retained earnings (above) Total Liabilities and equities $ (611,600) (274.600) 70,000 5 (816,400) $ 298,000 190,000 368,400 380,000 0 $ 1,236,400 (270,000) (120,000) (30,000) 0 816,400) $61,236,400) 51290,000) (100,000) 30.000 $(360,000) $ 80,000 160,000 0 260.000 0 $ 500,000 $ (60,000) (80,000) 0 0 (360.000) 5500,000) $293,500) 18,700 $(294,800) $ (611,600) (294,000) 70,000 $ (016,400) 5 358,000 338,000 0 640,000 32,500 $ 1,368,500 $(310.000) (120,000) (30,000) (92.100) (816,400) 341,368,500) cumpre quesuur WY CIRCHHy your all WEID HELIC LONS VEUW. Req Ato H Reg I and I 1. With a tax rate of 21 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return? J. With a tax rate of 21 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet