Wanted to double check the entry

The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., on January 1, 2020. The remaining 20 percent of Devine's shares also traded actively at $7.70 per sha after Holtz's acquisition. An appraisal made on that date determined that all book values appropriatel values of Devine's underlying accounts except that a building with a 5-year future life was undervalue a fully amortized trademark with an estimated 10-year remaining life had a $75,000 fair value. At the a Devine reported common stock of $100,000 and a retained earnings balance of $290,000. Following are the separate financial statements for the year ending December 31, 2021: Holtz Devine, Corporation Inc. Sales $ (760,000) $(365,250) Cost of goods sold 234,000 133,000 Operating expenses 319,000 107,250 Dividend income (16,000) 0 Net income $ (223,000) $(125,000) Retained earnings, 1/1/21 $ (709,000) $(360,000) Net income (above) (223,000) (125,000) Dividends declared 90,000 20,000 Retained earnings, $ (842,000) $(465,000) 12/31/21 Current assets $ 166,000 $ 199,000 Investment in Devine, 616,000 0 Inc. Buildings and equipment (net) 905,000 389,000 Trademarks 160,000 226,000 Total assets $ 1,847,000 $ 814,000 Liabilities $ (685,000) $(249,000) Common stock (320,000) (100,000) Retained earnings, 12/31/21 (above) (842,000) (465,000) Total liabilities and equities $(1,847,000) $(814,000) At year-end, there were no intra-entity receivables or payables. a. Prepare a worksheet to consolidate these two companies as of December 31, 2021. Required Required Required A B C Prepare a worksheet to consolidate these two companies as of December 31, 2021. (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.) Show less HOLTZ CORPORATION AND DEVINE, INC. Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Holtz Devine Accounts Entries Noncontrolling Consolidated Corporation Inc. Interest Totals Debit Credit $ Sales $ (760,000) $(1,125,250) (365,250) Cost of goods sold 234,000 133,000 367,000 Operating expenses 319,000 107,250 23,700 449,950 Dividend income (16,000) 0 16,000 0 Separate company net $ $ (223,000) income (125,000) Consolidated net income $ (308,300) NI attributable to (20,260) 20,260 noncontrolling interest NI attributable to Holtz $ (288,040) Corp. 360,000 37,040 $ Retained earnings, 1/1/21 $ (709,000) (360,000) Net income (223,000) (125,000) Dividends declared 90,000 20,000 Retained earnings, $ $ (842,000) 12/31/21 (465,000) $ (746,040) (288,040) 70,000 16,000 4,000 $ (964,080) Current assets $ 365,000 0 1,342,600 Investment in Devine, Inc. Buildings and equipment (net) Trademarks Goodwill $ $ 166,000 199,000 616,000 0 37,040 653,040 905,000 389,000 64,800 16,200 160,000 226,000 67,500 7,500 0 0 224,000 $ $1,847,000 814,000 446,000 224,000 Total assets $ 2,377,600 Liabilities $ $ (685,000) (249,000) (320,000) (100,000) 100,000 (842,000) (465,000) $ (934,000) (320,000) (964,080) Common stock Retained earnings, 12/31/21 (above) NCI in Devine, 1/1 NCI in Devine, 12/31 Total liabilities and equities 149,260 149,260 125,000 $ $ $ $ (1,847,000) (814,000) 893,040 879,040 (165,520) $(2,383,600) Required A Required B > The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., on January 1, 2020. The remaining 20 percent of Devine's shares also traded actively at $7.70 per sha after Holtz's acquisition. An appraisal made on that date determined that all book values appropriatel values of Devine's underlying accounts except that a building with a 5-year future life was undervalue a fully amortized trademark with an estimated 10-year remaining life had a $75,000 fair value. At the a Devine reported common stock of $100,000 and a retained earnings balance of $290,000. Following are the separate financial statements for the year ending December 31, 2021: Holtz Devine, Corporation Inc. Sales $ (760,000) $(365,250) Cost of goods sold 234,000 133,000 Operating expenses 319,000 107,250 Dividend income (16,000) 0 Net income $ (223,000) $(125,000) Retained earnings, 1/1/21 $ (709,000) $(360,000) Net income (above) (223,000) (125,000) Dividends declared 90,000 20,000 Retained earnings, $ (842,000) $(465,000) 12/31/21 Current assets $ 166,000 $ 199,000 Investment in Devine, 616,000 0 Inc. Buildings and equipment (net) 905,000 389,000 Trademarks 160,000 226,000 Total assets $ 1,847,000 $ 814,000 Liabilities $ (685,000) $(249,000) Common stock (320,000) (100,000) Retained earnings, 12/31/21 (above) (842,000) (465,000) Total liabilities and equities $(1,847,000) $(814,000) At year-end, there were no intra-entity receivables or payables. a. Prepare a worksheet to consolidate these two companies as of December 31, 2021. Required Required Required A B C Prepare a worksheet to consolidate these two companies as of December 31, 2021. (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.) Show less HOLTZ CORPORATION AND DEVINE, INC. Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Holtz Devine Accounts Entries Noncontrolling Consolidated Corporation Inc. Interest Totals Debit Credit $ Sales $ (760,000) $(1,125,250) (365,250) Cost of goods sold 234,000 133,000 367,000 Operating expenses 319,000 107,250 23,700 449,950 Dividend income (16,000) 0 16,000 0 Separate company net $ $ (223,000) income (125,000) Consolidated net income $ (308,300) NI attributable to (20,260) 20,260 noncontrolling interest NI attributable to Holtz $ (288,040) Corp. 360,000 37,040 $ Retained earnings, 1/1/21 $ (709,000) (360,000) Net income (223,000) (125,000) Dividends declared 90,000 20,000 Retained earnings, $ $ (842,000) 12/31/21 (465,000) $ (746,040) (288,040) 70,000 16,000 4,000 $ (964,080) Current assets $ 365,000 0 1,342,600 Investment in Devine, Inc. Buildings and equipment (net) Trademarks Goodwill $ $ 166,000 199,000 616,000 0 37,040 653,040 905,000 389,000 64,800 16,200 160,000 226,000 67,500 7,500 0 0 224,000 $ $1,847,000 814,000 446,000 224,000 Total assets $ 2,377,600 Liabilities $ $ (685,000) (249,000) (320,000) (100,000) 100,000 (842,000) (465,000) $ (934,000) (320,000) (964,080) Common stock Retained earnings, 12/31/21 (above) NCI in Devine, 1/1 NCI in Devine, 12/31 Total liabilities and equities 149,260 149,260 125,000 $ $ $ $ (1,847,000) (814,000) 893,040 879,040 (165,520) $(2,383,600) Required A Required B >