Intra-entity Inventory sales between the two companies have been made as follows: Transfer Price Year Cost...

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Intra-entity Inventory sales between the two companies have been made as follows: Transfer Price Year Cost to McIlroy 2828 $129,000 to Stinson $161,250 150,488 2821 112,888 Ending Balance (at transfer price) $53,750 37,600 The Individual financial statements for these two companies as of December 31, 2021, and the year then ended follow: Sales Cost of goods sold Operating expenses 198,868 McIlroy, Inc. Stinson, Inc. $ (738,088) $ (371,000) 485,000 226,600 77,288 Equity in earnings in Stinson (34,644) Net income $ (88,784) $ (67,200) Retained earnings, 1/1/21 Net Income Dividends declared $ (789,600) (88,784) 48,600 $ (283,380) (67,200) 19,180 Retained earnings, 12/31/21 $ (829,784) Cash and receivables $ 282,908 Inventory 265,788 $ (331,488) $ 150,988 131,588 Investment in Stinson 398,828 343,000 244,900 a $1,535,328 285,700 89,680 24,488 $ 682,188 $ (4,544) $ (178,788) Buildings (net) Equipment (net) Patents (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equities (Note: Parentheses indicate a credit balance.) (380,000) (180,000) (829,784) $(1,535,328) (331,488) $ (682,180) a. Show how Mcllroy determined the $398,828 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a consolidated worksheet to determine appropriate balances for external financial reporting 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 MCILROY, INC., AND STINSON, INC. Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Mollroy Stinson Consolidated Debit Credit NCI Totals Sales $ (738,000) $ (371,000) Cost of goods sold 485,000 226,000 Operating expenses 198,860 77,200 Equity in aamings of Stinson (34,644) 0 Separate company net income (88,784) (67,200) Consolidated net income To noncontrolling interest To Mclroy, Inc. Retained earnings 1/1/21 (700) (283,300) Net income (88,784) (67-200) Dividends declared 48,600 19,100 Retained eamings 12/31/21 $ (829,784) $ (331,400) Cash and receivables $ 282.900 $ 150,000 Inventory 265,700 131,500 Investment in Stinson 398,828 0 Buildings (net) 343,000 205,700 Equipment (net) 244,900 89,600 Patents() 24,400 Customer Est Goodwill Total Liabilities Common stock $ 1,535,328 S 602,100 (405,544) (170,700) (300,000) (100,000) Noncontrolling interest 1/1/21 Noncontrolling interest 12/31/21 Retained eamings 12/31/21 Totallables and equities (829,784) $ (1,535,328) $ (331,400) (602,100) S Intra-entity Inventory sales between the two companies have been made as follows: Transfer Price Year Cost to McIlroy 2828 $129,000 to Stinson $161,250 150,488 2821 112,888 Ending Balance (at transfer price) $53,750 37,600 The Individual financial statements for these two companies as of December 31, 2021, and the year then ended follow: Sales Cost of goods sold Operating expenses 198,868 McIlroy, Inc. Stinson, Inc. $ (738,088) $ (371,000) 485,000 226,600 77,288 Equity in earnings in Stinson (34,644) Net income $ (88,784) $ (67,200) Retained earnings, 1/1/21 Net Income Dividends declared $ (789,600) (88,784) 48,600 $ (283,380) (67,200) 19,180 Retained earnings, 12/31/21 $ (829,784) Cash and receivables $ 282,908 Inventory 265,788 $ (331,488) $ 150,988 131,588 Investment in Stinson 398,828 343,000 244,900 a $1,535,328 285,700 89,680 24,488 $ 682,188 $ (4,544) $ (178,788) Buildings (net) Equipment (net) Patents (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and equities (Note: Parentheses indicate a credit balance.) (380,000) (180,000) (829,784) $(1,535,328) (331,488) $ (682,180) a. Show how Mcllroy determined the $398,828 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a consolidated worksheet to determine appropriate balances for external financial reporting 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 MCILROY, INC., AND STINSON, INC. Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Mollroy Stinson Consolidated Debit Credit NCI Totals Sales $ (738,000) $ (371,000) Cost of goods sold 485,000 226,000 Operating expenses 198,860 77,200 Equity in aamings of Stinson (34,644) 0 Separate company net income (88,784) (67,200) Consolidated net income To noncontrolling interest To Mclroy, Inc. Retained earnings 1/1/21 (700) (283,300) Net income (88,784) (67-200) Dividends declared 48,600 19,100 Retained eamings 12/31/21 $ (829,784) $ (331,400) Cash and receivables $ 282.900 $ 150,000 Inventory 265,700 131,500 Investment in Stinson 398,828 0 Buildings (net) 343,000 205,700 Equipment (net) 244,900 89,600 Patents() 24,400 Customer Est Goodwill Total Liabilities Common stock $ 1,535,328 S 602,100 (405,544) (170,700) (300,000) (100,000) Noncontrolling interest 1/1/21 Noncontrolling interest 12/31/21 Retained eamings 12/31/21 Totallables and equities (829,784) $ (1,535,328) $ (331,400) (602,100) S