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X Meme EXAM 2 Alpha Corporation purchased 70%% of Beta Company on January 1, 2021, for $98,000. On that date, 3 /9 the non controlling interest had a fair value of $42,000 and Beta reported common stock outstanding of $100,000 and retained earnings of $20,000. The differential is partially comprised of $5,000 related to excess value of buildings and equipment. These assets have a remaining useful life of five years. During 2021 Beta had income of $40,000 and paid dividends of $10,000. At the time of acquisition Beta had a balance of $50,000 in accumulated depreciation. Alpha uses the equity method in accounting for itsownership of Beta. On December 31, 2022 the trial balances of the companies are as follows: Alpha Income statement Corporation Beta Company Sales 200,000 120,000 Cost of goods sold -99,800 -61,000 Depreciation expense 25,000 -17,400 Interest expense -6,000 -14,000 Income from subsidary 16,620 Consolidated net income 85,820 27,600 Statement of retained earnings Beginning balance 228,560 50,000 Net income 85,820 27,600 Less dividends declared 40,000 -10,000 Ending balance 274,380 67,600 Balance sheet Cash & accounts receivable 81,400 39,200 Inventory 60,000 55,000 Investment in Beta 124,370 Land 40,000 30,000 Buildings & equipment 504,000 362,000 Accumulated depreciation -168,000 -77.400 Total assets 641,770 408,800 Accounts payable 86,190 41,200 Bonds payable 80,000 200,000 Bond premium 1,200 Common stock 200,000 100,000 Retained earnings 274,380 67,600 Total liabilities & equity 641,770 408,800 Beta sold inventory costing $45,000 to Alpha for $75,000 in 2021. Alpha held $9,000 in inventory at the end of 2021. Beta sold inventory costing $77,000 to Alpha in 2022 for $140,000 Alpha held $10,000 in inventory at the end of 2022. On 1/1/2021 Alpha sold equipment with a book value of $10,000 to Beta for $14,000. The equipment orginally cost Alpha $18,000. The equipment has a remaining life of 5 years at 1/1/2021. 1. Prepare an allocation of acquisition value at the time of acquisition to determine any excess value. 2. Record the equity entries made by Alpha for 2021 and 2022. 3. Prepare the analysis and entries required for the worksheet in 2021 and 2022.