The last bit of the First Paragraph talks about Income (it says Brey Reported Net Income of 175000 in 2016 and 2000,0000 in 2017 )from its own operations ) and Pitnino Sells Inventory to Brey as follows section is what is given to solve for Cost of goods sold

(55 Points) Pitino acquired 80% of Brey's outstanding shares on January 1, 2016, in exchange for $700,000 in cash. The subsidiary's stockholders' equity accounts totaled $850,000 and the noncontrolling interest had a fair value of $175,000 on that day. However, a building (with a five-year remaining life) in Brey's accounting records was undervalued by $11,000. 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 $175,000 in 2016 and $200,000 in 2017. Brey declared dividends of $90,000 in 2016 and $100,000 in 2017. Pitino sells inventory to Brey as follows: Year Cost to Pitino Inventory Remaining Transfer Price to at Year-End Brey (at transfer price) 2016 $81,000 $135,000 $37,500 2017 92,800 160,000 50,000 2018 69,000 115,000 25,000 Prepare all necessary December 31, 2018 consolidated worksheet entries. (55 Points) Pitino acquired 80% of Brey's outstanding shares on January 1, 2016, in exchange for $700,000 in cash. The subsidiary's stockholders' equity accounts totaled $850,000 and the noncontrolling interest had a fair value of $175,000 on that day. However, a building (with a five-year remaining life) in Brey's accounting records was undervalued by $11,000. 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 $175,000 in 2016 and $200,000 in 2017. Brey declared dividends of $90,000 in 2016 and $100,000 in 2017. Pitino sells inventory to Brey as follows: Year Cost to Pitino Inventory Remaining Transfer Price to at Year-End Brey (at transfer price) 2016 $81,000 $135,000 $37,500 2017 92,800 160,000 50,000 2018 69,000 115,000 25,000 Prepare all necessary December 31, 2018 consolidated worksheet entries