Part B is done, just need help completing what's wrong which is part C.

1 Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1 for $711,300 in cash. O'Brien reported net assets with a carrying amount of $396,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Values Fair Values $ 299,000 Trademarks (indefinite life) $ 107,000 Customer relationships (5-year remaining life) 0 104,400 Equipment (10-year remaining life). 393,000 340,000 eBook Any goodwill is considered to have an indefinite life with no impairment charges during the year. Print The following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses. References O'Brien $(704,000) Revenues Patrick $(1,380,000) 368,000 104,700 320,000 89,400 Cost of goods sold Depreciation expense Amortization expense Income from O'Brien. Net income D 0 36,800 (278,940) $(1,149,440) $ (794,000) (1,149,440) 166,000 $(1,777,440) $ (294,600) $ (296,000) Retained earnings 1/1 Net income (294,600) 104,000 Dividends declared $ (486,600) $ 121,000 Cash $ 242,000 Receivables 338,000 246,000 Inventory Investment in O'Brien. 886,240 Trademarks 526,000 0 Customer relationships Equipment (net) Goodwill 57,900 186,000 0 83,700 0 281,000 0 $729,600 $(143,000) 928,000 0 Total assets $ 3,166,240 Liabilities Common stock (100,000) Retained earnings 12/31 $ (988,800) (400,000) (1,777,440) $(3,166,240) (456,600) Total liabilities and equity $(729,600) a. Which investment method did Patrick use to compute the $278,940 Income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31 c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31 D oints Retained earnings 12/31 1 eBook Print ferences Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the totals to be reported for this business combination for the year ending December 31. (Input all amounts as positive values.) Consolidated totals Revenues $ 2,084,000 Cost of goods sold $ 688,000 $ 57,680 Amortization expense Depreciation expense $ 188,880 Income from O'Brien Net income $ 1.149,440 Retained earnings, 1/1 $ 794,000 Dividends declared $ 166,000 Retained earnings, 12/31 $ 1,777 440 Cash $ 363.000 Receivables $ 395,900 Inventory $ 432,000 Investment in O'Brien Trademarks $ 801,700 Customer relationships $ 83,520 Equipment (net) $ 1,162,020 71,100 Goodwill $ Total assets $ 3,309,240 Liabilities $ 1.131,800 Common stock $ 400,000 Retained earnings, 12/31 $ 1,777,440 Total liabilities and equities $ 3,309,240 1 10 points PATRICK CORPORATION AND CONSOLIDATED SUBSIDIARY O'BRIEN Consolidation Worksheet For Year Ending December 31 Consolidation Entries O'Brien Debit Credit Patrick $(1,380,000) 368,000 $ (704,000) 320,000 104,700 89,400 36,800 0 (278,940) 0 $(1.149,440) (294,600) (794,000) (296,000) (1.149,440) (294,600) 166,000 104,000 $ (1.777.440) $ (486,600) $ 121,000 $ 242,000 338,000 57,900 246,000 186,000 886,240 526,000 83.700 0 0 928,000 281,000 0 0 $3,166.240 S 729,600 (988,800) (143,000) (400,000) (100,000) (1,777,440) (486,600) $ (3,166 240) (729,600) Accounts Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Net income Retained earnings, 1/1 Net income (above) Dividends declared Retained earnings, 12/31 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) Goodwill Total assets Liabilities Common stock Retained earnings (above) Total liabilities and equity $ S 5.220 104,000 104.000 20,880 52,200 206 300 Consolidated. Totals $2,084,000 688,000 158,880 57,680 1.149,440 794,000 1.149,440 166,000 $ 1.777.440 $ 363.000 395.900 432.000 801,700 83.520 1,162,020 71.100 $ 3,309 240 1,131,800 400,000 1,777 440 $ 3,309,240 $ 00 Show less & 1 Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1 for $711,300 in cash. O'Brien reported net assets with a carrying amount of $396,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows: Book Values Fair Values $ 299,000 Trademarks (indefinite life) $ 107,000 Customer relationships (5-year remaining life) 0 104,400 Equipment (10-year remaining life). 393,000 340,000 eBook Any goodwill is considered to have an indefinite life with no impairment charges during the year. Print The following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. O'Brien declared and paid dividends in the same period. Credit balances are indicated by parentheses. References O'Brien $(704,000) Revenues Patrick $(1,380,000) 368,000 104,700 320,000 89,400 Cost of goods sold Depreciation expense Amortization expense Income from O'Brien. Net income D 0 36,800 (278,940) $(1,149,440) $ (794,000) (1,149,440) 166,000 $(1,777,440) $ (294,600) $ (296,000) Retained earnings 1/1 Net income (294,600) 104,000 Dividends declared $ (486,600) $ 121,000 Cash $ 242,000 Receivables 338,000 246,000 Inventory Investment in O'Brien. 886,240 Trademarks 526,000 0 Customer relationships Equipment (net) Goodwill 57,900 186,000 0 83,700 0 281,000 0 $729,600 $(143,000) 928,000 0 Total assets $ 3,166,240 Liabilities Common stock (100,000) Retained earnings 12/31 $ (988,800) (400,000) (1,777,440) $(3,166,240) (456,600) Total liabilities and equity $(729,600) a. Which investment method did Patrick use to compute the $278,940 Income from O'Brien? b. Determine the totals to be reported for this business combination for the year ending December 31 c. Verify the totals determined in part (b) by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31 D oints Retained earnings 12/31 1 eBook Print ferences Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the totals to be reported for this business combination for the year ending December 31. (Input all amounts as positive values.) Consolidated totals Revenues $ 2,084,000 Cost of goods sold $ 688,000 $ 57,680 Amortization expense Depreciation expense $ 188,880 Income from O'Brien Net income $ 1.149,440 Retained earnings, 1/1 $ 794,000 Dividends declared $ 166,000 Retained earnings, 12/31 $ 1,777 440 Cash $ 363.000 Receivables $ 395,900 Inventory $ 432,000 Investment in O'Brien Trademarks $ 801,700 Customer relationships $ 83,520 Equipment (net) $ 1,162,020 71,100 Goodwill $ Total assets $ 3,309,240 Liabilities $ 1.131,800 Common stock $ 400,000 Retained earnings, 12/31 $ 1,777,440 Total liabilities and equities $ 3,309,240 1 10 points PATRICK CORPORATION AND CONSOLIDATED SUBSIDIARY O'BRIEN Consolidation Worksheet For Year Ending December 31 Consolidation Entries O'Brien Debit Credit Patrick $(1,380,000) 368,000 $ (704,000) 320,000 104,700 89,400 36,800 0 (278,940) 0 $(1.149,440) (294,600) (794,000) (296,000) (1.149,440) (294,600) 166,000 104,000 $ (1.777.440) $ (486,600) $ 121,000 $ 242,000 338,000 57,900 246,000 186,000 886,240 526,000 83.700 0 0 928,000 281,000 0 0 $3,166.240 S 729,600 (988,800) (143,000) (400,000) (100,000) (1,777,440) (486,600) $ (3,166 240) (729,600) Accounts Revenues Cost of goods sold Depreciation expense Amortization expense Income from O'Brien Net income Retained earnings, 1/1 Net income (above) Dividends declared Retained earnings, 12/31 Cash Receivables Inventory Investment in O'Brien Trademarks Customer relationships Equipment (net) Goodwill Total assets Liabilities Common stock Retained earnings (above) Total liabilities and equity $ S 5.220 104,000 104.000 20,880 52,200 206 300 Consolidated. Totals $2,084,000 688,000 158,880 57,680 1.149,440 794,000 1.149,440 166,000 $ 1.777.440 $ 363.000 395.900 432.000 801,700 83.520 1,162,020 71.100 $ 3,309 240 1,131,800 400,000 1,777 440 $ 3,309,240 $ 00 Show less &