Advanced accounting

I want a solution for wrong answers (with steps in detail)

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On January I, 2020, Mcllroy, |nc., acquired a 50 percent interest in the common stock of Stinson, Inc., for $334,800. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $191900. Also, the acquisitiondate fair value of the 40 percent noncontrolling interest was $223,200. The subsidiary held patents [with a 10year remaining life] that were undervalued within the company's accounting records by $86,200 and an unrecorded customer list [15-year remaining life} assessed at a $52,400 fair value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, Mcllroy has applied the equity method to its Investment in Stinson account and no goodwill impairment has occurred. At yearend, there are no intraentity payables or receivables. Intra-entity inventory sales between the two companies have been made as follows: Transfer Price Ending Balance Year Cost to HcIlro'y to Stins-on (at transfer price) 2929 1513?, 299 $172, 125 55?, 325 2921 113,499 151, 269 3?, 889 The individual financial statements forthese two companies as of December 31, 2021, and the yearthen ended follow: HcIlroy, Inc. Stinson, Inc. Sales $ (252,999) $ (393,999) Cost of goods sold 492,599 242,399 Operating expenses 291,295 32,599 Equity in earnings in Stinson 9 Net income 35 (95,212) $ (72,539) Retained earnings, 1f1f21 S (333,299) 5 (235,399) Net income (95,212) (72,599) Dividends declared 59,999 21,199 Retained earnings, 12f3lf21 S (333,912) $ (332,399) Cash and receivables $ 399,599 $ 153,599 Inventory 232 , 399 133 , 399 Investment in Stinson 393,554 9 Buildings (net) 355,999 293,399 Equipment (net) 251,199 91,399 Patents (net) 9 25,599 Total assets 5 1,693,554 $ 514,199 Liabilities $ (429,542) $ (175,339) Common stock (399,999) (199,999) Retained earnings, 12.81le (333,912) (332,399) Total liabilities and equities \"1,593.55\" $ (514.139) (Note: Parentheses indicate a credit balance.) a. Show how Mcllroy determined the $393,654 Investment in Stinson account balance. Assume that Mcllroy defers 100 percent of downstream intra-entity profits against its share of Stinson's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2021. Show how Mcilroy determined the $393,654 Investment in Stinson account balance. Assume that Mcllroy defers 100 percent of downstream intra-entity profits against its share of Stinson's income. (Amounts to be deducted should be indicated with a minus sign.) Consideration transferred V 334,800 Increase in Stinson's retained earnings 1/1/20 to 1/1/21 V 52,740 Excess fair value amortization 0 x 2020 ending inventory profit deferral V 0 x 52,740 Mcilroy's equity in earnings of Stinson for 2021 V 37,917 Stinson 2021 dividends declared to Mcllroy 0 X Investment account balance 12/31/21 425,457