Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies.

Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $423,000 in cash. The subsidiary's stockholders' equity accounts totaled $407,000 and the noncontrolling interest had a fair value of $47,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $31,000. 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 $73,000 in 2016 and $89,000 in 2017. Brey declared dividends of $23,500 in 2016 and $27,500 in 2017. Year 2016 2017 2018 Inventory Remaining at Transfer Price Year-End (at Cost to Brey to Pitino transfer price) $ 78,000 $ 160,000 $ 34,000 90,000 180,000 46,500 123,000 205,000 40,000 At December 31, 2018, Pitino owes Brey $25,000 for inventory acquired during the period. The following separate account balances are for these two companies for December 31, 2018, and the year then ended. Note: Parentheses indicate a credit balance. Note: Parentheses indicate a credit balance. Sales revenues Cost of goods sold Expenses Equity in earnings of Brey Net income Retained earnings, 1/1/18 Net income (above) Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equity ulusll us Pitino Brey $ (880,000) $(411,000) 524,000 218,000 186, 300 7 6,000 (101,835) 0 $ (271,535) $(117,000) $ (506, 000) $(296,000) (271,535) (117,000) 138,000 28,000 $ (639,535) $(385,000) $ 155,000 $ 107,000 300,000 181,000 558,630 973,000 337,000 $ 1,986,630 $ 625,000 $ (787,095) $ (18,000) (560,000) (222,000) (639,535) (385,000) $(1,986,630) $(625,000) Consolidated Balance Sales revenues Cost of goods sold Expenses Equity in earnings of Brey Noncontrolling interest in consolidated net income Consolidated net income to parent Retained earnings, 1/1 Dividends declared Retained earnings, 12/31 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment Patented technology Total Assets Liabilities Noncontrolling interest in Brey, 12/31 Common Stock Retained earnings, 12/31 Total liabilities and stockholders' equity