On January $1,2022,$ Monica Company acquired $80$ percent of Young Company's outstanding common stock for $\backslash (\backslash$$ $760,000\backslash ).$ The falr value of the noncontrolling interest at the acquisition date was $\backslash$$$190,000.$

Young reported stockholders' equity accounts on that date as follows:

$```$

Common stock$-$$$10$ par value $ $200,000$

Additional paid$-$in capital $50,000$

Retained earnings $470,000$

$```$

In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a bulding $($with a five$-$year remaining life$)$ by $\backslash (\backslash$$ $50,000\backslash ).$ 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 $40$ percent gross profit rate. Monica consistently resold this merchandise in the year of acquisition or in the perlod Immediately following. Transfers for the three years after this business combination was created amounted to the following:

In addition, Monica sold Young several pleces of fully depreclated equipment on January $1,2023,$ for $\backslash$$$42,000.$ The equipment had originally cost Monica $\backslash (\backslash$$ $62,000\backslash ).$ Young plans to depreclate these assets over a sIx$-$year period.

In $2024,$ Young earns a net Income of $\backslash$$$200,000$ and declares and pays $\backslash$$$55,000$ in cash dividends. These figures increase the subsidlary's Retained Earnings to a $\backslash (\backslash$$ $800,000\backslash )$ balance at the end of $2024.$ During this same year, Monica reported dividend income of $\backslash (\backslash$$ $44,000\backslash )$ and an investment account contalning the initial value balance of $\backslash (\backslash$$ $760,000\backslash ).$ No changes in Young's common stock accounts have occurred since Monica's acquisition.

Required: Required $\backslash ($ A $\backslash )$

Prepare the $2024$ consolidation worksheet entries for Monica and Young.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Transaction & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Accounts$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & $*$G & Retained earnings, $1/1/24($Young$)$ & $($ & $7,200$ & $\backslash \backslash$

$\backslash$hline & & Cost of goods sold & $\backslash (\backslash$checkmark $\backslash )$ & & $7,200\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $2$ & $*$TA & Retained earnings, $1/1/24($Monica$)$ & $\backslash (\backslash$checkmark $\backslash )$ & $35,000\backslash (*\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Equipment & $($ & $20,000$ & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation$-$Equipment & $($ & & $55,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $3$ & $\backslash (\{\}^\{*\}\backslash$mathrm$\{$C$\}\backslash )$ & Investment in Young & $($ & & $\backslash \backslash$

$\backslash$hline & & Retained earnings, $1/1/24($Monica$)$ & $\backslash (\backslash$checkmark $\backslash )$ & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $4$ & S & Common stock $-$ Young & $\backslash (\backslash$checkmark $\backslash )$ & $200,000$ & $\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital $-$ Young & $($ & $50,000$ & $\backslash \backslash$

$\backslash$hline & & Retained earnings, $1/1/24($Young$)$ & $\backslash (\backslash$checkmark $\backslash )$ & $647,800$ & $\backslash \backslash$

$\backslash$hline & & Investment in Young & $($ & & $718,240\backslash \backslash$

$\backslash$hline & & Noncontrolling interest in Young & $($ & & $179,560\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $5$ & A & Buildings & $($ & $30,000$ & $\backslash \backslash$

$\backslash$hline & & Franchise agreement & $($ & $144,000$ & $\backslash \backslash$

$\backslash$hline & & Investment in Young & $\backslash (\backslash$checkmark $\backslash )$ & & $139,200\backslash \backslash$

$\backslash$hline & & Noncontrolling interest in Young & $-$ & & $34,800\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ originally cost Monica $\backslash (\backslash$$ $62,000\backslash ).$ Young plans to depreclate these assets over a slx$-$year perlod.

In $2024,$ Young earns a net Income of $\backslash$$$200,000$ and declares and pays $\backslash$$$55,000$ in cash dividends. These figures Increase the subsidlary's Retained Earnings to a $\backslash (\backslash$$ $800,000\backslash )$ balance at the end of $2024.$ During this same year, Monica reported dividend income of $\backslash (\backslash$$ $44,000\backslash )$ and an investment account contalning the initial value balance of $\backslash (\backslash$$ $760,000\backslash ).$ No changes in Young's common stock accounts have occurred since Monica's acquisition.

Required:

a$.$ Prepare the $2024$ consolidation worksheet entries for Monica and Young.

b$.$ Compute the net Income attributable to the noncontrolling interest for $2024.$

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Compute the net income attributable to the noncontrolling interest for $2024.$

Net income attributable to noncontrolling interest