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BROOKS AND CHANDLER Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Brooks Chandler Debit Credit Consolidated Totals Income Statement Revenues $ (697,500) $ (669,000) Cost of goods sold 263,000 209,000 Gain on bargain purchase (172,000) 0 Depreciation and amortization 134,000 174,000 Equity earnings in Chandler (250,000 Net income $ (722,500) $ (286,000) Statement of Retained Earnings Retained earnings, 1/1 $ (1,900,000) $ (850,000) Net income (722,500) (286,000 Dividends declared 250,000 30,000 Retained earnings, 12/31 $ (2,372,500) $ (1, 106,000) Balance Sheet Current assets $ 433,500 $ 440,000 Investment in Chandler 1,586,000 0 Trademarks 111,000 258,000 Patented technology 325,000 491,000 Equipment 648,000 380,000 Total assets $ 3,103,500 $ 1,569,000 Liabilities $ (196,000) $ (163,000) Common stock (535,000) (300,000) Retained earnings, 12/31 (2,372,500) (1, 106,000) Total liabilities and equity $ (3, 103,50 $ (1,569,000)On January 1, 2021, Brooks Corporation exchanged $1,194,000 fairvalue consideration for all of the outstanding voting stock of Chandler, lnc. At the acquisition date, Chandler had a book value equal to $1,150,000. Chandler's individual assets and liabilities had fair values equal to their respective book values except for the patented technology account, which was undervalued by $216,000 with an estimated remaining life of six years. The Chandler acquisition was Brooks's only business combination for the year. In case expected synergies did not materialize, Brooks Corporation wished to prepare for a potential future spinoff of Chandler, Inc. Therefore, Brooks had Chandler maintain its separate incorporation and independent accounting information system as elements of continuing value. On December 31, 2021, each company submitted the following nancial statements for consolidation. Dividends were declared and paid in the same period. Brooks Corp. Chandler Inc. Income Statement Revenues 5 (597, 500) 5 (569, 000) Cost of goods sold 253,000 209,000 Gain on bargain purchase (172,000) 0 Depreciation and amortization 134,000 174,000 Equity earnings from Chandler (250,000) 0 Net income 5 (722,500) 5 (286,000) Statement of Retained Earnings Retained earnings, 171 5(1,900,000) 5 (850,000) Net income (above) (722,500) (286,000) Dividends declared 250,000 30,000 Retained earnings, 12731 5(2,372, 500) 5(1,106,000) Balance Sheet Current assets 5 433,500 5 440,000 Investment in Chandler 1,586,000 0 T radema rks 111, 000 253, 000 Patented technology 325,000 491,000 Equipment 648,000 380,000 Total assets 5 3,103,500 5 1,569,000 Liabilities 5 (196,000) 5 (163,000) Common stock (535,000) (300,000) Retained earnings, 12731 (2,372, 500) (1,106,000) Total liabilities and equity 5(3,103, 500) 5(1,5E-9,000) , Note: Parentheses indicate a credit balance. Prepare a December 31, 2021, consolidated worksheet for Brooks and Chandler