need help with entry 3

In 2021, Young earns a net income of $180,000 and declares and pays $55,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $940,000 balance at the end of 2021. During this same year, Monica reported dividend income of $44,000 and an investment account containing the initial value balance of $872,000. No changes in Young's common stock accounts have occurred since Monica's acquisition. a. Prepare the 2021 consolidation worksheet entries for Monica and Young. b. Compute the net income attributable to the noncontroling interest for 2021 . On January 1, 2019, Monica Company acquired 80 percent of Young Company's outstanding common stock for $872,000. The fair value of the noncontrolling interest at the acquisition date was $218,000. Young reported stockholders' equity accounts on that date as follows: In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $70,000. Any remaining excess acquisition-date fair value was allocated to a franchise agreement to be amortized over 10 years. During the subsequent years, Young sold Monica inventory at a 30 percent gross profit rate. Monica consistently resold this merchandise in the year of acquisition or in the period immediately following. Transfers for the three years after this business combination was created amounted to the following: In addition, Monica sold Young several pieces of fully depreciah d equipment on Jantary 1, 2020, for $56,000. The equipment had originally cost Monica $90,000. Young plans to depreciate these assets over a five-year period. In 2021, Young earns a net income of $180,000 and declares and pays $55,000 in cash dividends. These flgures increase the subsidiarys Retained Earnings to a $940,000 balance at the end of 2021 . During this same year, Monica reported dividend income of $44,000 and an investment account containing the initial value balance of $872,000. No changes in Young's common stock accounts have occurred since Monica's acquisition. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow{3}{*}{\multicolumn{2}{|c|}{1}} & 1 & Retained earnings, 1/1/21 (Young) & 9,600 & \\ \hline & & & Cost of goods sold & & 9,600 \\ \hline & & * & & & \\ \hline \multicolumn{2}{|r|}{2} & 2 & Retained earnings, 1/1/21 (Monica) & 44,800 & . \\ \hline & \multirow[t]{2}{*}{+} & & Equipment & 34,000 & \\ \hline & & & Accumulated depreciation-Equipment & & 78,800 \\ \hline & & & & & \\ \hline & \multirow[t]{2}{*}{3} & 3 & Investment in Young & & \\ \hline & & & Retained earnings, 1/1/21 (Monica) & & \\ \hline & \multirow[t]{2}{*}{4} & 4 & Common stock - Young & 100,000 & \\ \hline & & & Additional paid-in capital - Young & 50,000 & \\ \hline & \multirow[t]{3}{*}{+} & & Retained earnings, 1/1/21 (Young) & 805,400 & \\ \hline & & & Investment in Young & & 764,320 \\ \hline & & a & Noncontrolling interest in Young & & 191,080 \\ \hline & 5 & 5 & Franchise agreement & 208,000 & \\ \hline & & & Buildings & 42,000 & \\ \hline & & & Investment in Young & & 200,000 \\ \hline & & & Noncontrolling interest in Young & & 50,000 \\ \hline & & & & & \\ \hline & 6 & 6 & Dividend income & 44,000 & \\ \hline & & & Dividends declared & & 44,000 \\ \hline & 7 & 7 & Depreciation expense & 14,000 & \\ \hline & & & Amortization expente & 26,000 & \\ \hline & & & Franchise ogreement & & 26,000 \\ \hline & & & Buldings & & 14,000 \\ \hline \end{tabular}