75 points Skipped eBook -, Print D References On January 1, 2019, Aspen Company acquired 80 percent of Birch Company's voting stock for $372,000. Birch reported a $360,000 book value, and the fair value of the noncentrolling interest was $93,000 on that date. Then, on January 1, 2020, Birch acquired 80 percent of Cedar Company for $180,000 when Cedar had a $126,000 book value and the 20 percent noncontrolling interest was valued at $45,000. In each acquisition, the subsidiary's excess acquisition-date fair over bock value was assigned to a trade name with a 30-year remaining life. These companies report the following financial information. Investment income figures are not included. 2019 2020 2021 Sales: Aspen Company $ 517,500 655,000 $ 910,000 Birch Company 272,800 344,250 575,409 Cedar Company Not availsble 171,900 288,600 Expenses: Aspen Company $ 425,000 545,000 747,500 Birch Company 231,000 266,000 495,000 Cedar Company Mot available 161,000 249,008 Dividends declared: Aspen Company $ 18,008 35,000 45,000 Birch Company 5,008 15,000 15,009 Cedar Company Not available 3,000 ,000 Assume that each of the following questions is independent: a. If all companies use the equity method for internal reporting purposes, what is the December 31, 2020, balance in Aspen's Investment in Birch Company account? h. What is the consolidated net income for this business combination for 20217 . What is the net income attributable to the noncontrolling interest in 20217 . Assume that Birch made intra-entity inventory transfers to Aspen that have resulted in the following intra-entity gross profits in inventory at the end of each year: an Date Amount 12/31/19 14,300 12/31/20 23,680 12/31/21 32,000 _ What is the accrual-based net income of Birch in 2020 and 2021, respectively? References Complete this question by entering your answers in the tabs below. RegAto C Reg D a. If all companies use the equity method for internal reporting purposes, what is the December 31, 2020, balance in Aspen's Investment in Birch Company account? b. What is the consolidated net income for this business combination for 20217 c. What is the net income attributable to the noncontrolling interest in 20217 Show lessa Investment in Birch at December 31, 2020 b. |Consolidated net income Noncontrolling interests' share of the cansolidated net income ReqD > \f