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Problem 5-28 (Algo) (LO 5-1, 5-2,5-3,5-4, 5-5, 5-7) Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, 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 2019 and $89,000 in 2020. Brey declared dividends of $23,500 in 2019 and $27,500 in 2020. Brey sells inventory to Pitino as follows: Year 2019 2020 2021 Cost to Brey $ 78,000 90,000 123,000 Transfer Price to Pitino $ 160,000 180,000 205,000 Inventory Remaining at Year-End (at transfer price) $ 34,000 46,500 40,000 At December 31, 2021, Pitino owes Brey $25,000 for inventory acquired during the period. The following separate account balances are for these two companies for December 31, 2021, and the year then ended. Note: Parentheses indicate a credit balance. Sales revenues Cost of goods sold Expenses Equity in earnings of Brey Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Brey Land, buildings, and equipment (net) Total assets Liabilities Common stock Retained earnings. 12/31/21 Pitino Brey $ (880,000) $(411,000) 524,000 218,000 186,300 76,000 (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 0 973,000 337,000 $ 1,986,630 $ 625,000 $ (787,095) $ (18,000) (560,000) (222,000) (639.535) (385.000) Prev 1 of 1 Next Retained earnings, 12/31/21 Total liabilities and equity (639,535) (385,000) $(1,986,630) $(625,000) a. What was the annual amortization resulting from the acquisition-date fair-value allocations? b. Were the intra-entity transfers upstream or downstream? c. What intra-entity gross profit in inventory existed as of January 1, 2021? d. What intra-entity gross profit in inventory existed as of December 31, 2021? e. What amounts make up the $101,835 Equity Earnings of Brey account balance for 2021? f. What is the net income attributable to the noncontrolling interest for 2021? g. What amounts make up the $558,630 Investment in Brey account balance as of December 31, 2021? h. Prepare the 2021 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. i. Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. Complete this question by entering your answers in the tabs below. Reg A to D Req E Reg F Req G ReqH Reg 1 What amounts make up the $101,835 Equity Earnings of Brey account balance for 2021? Reg A to D Req F > Prev 1 of 1 11 Next >