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On January 1, 2021, Pikes Corporation loaned Venti Company $306,000 and agreed to guarantee all of Vents long term debt in exchange for (1) decision-making authority over all of Venti's activities and (2) on annual management fee of 25 percent of Vent's annual revenues. As a result of the agreement. Pikes becomes the primary beneficiary of Venti (now a variable interest entity). Pikes loan to Venti stipulated a 10 percent (market) rate of interest to be paid annually with principal due in 10 years, On January 1, 2021. Pikes estimated that the fair value of Ventis equity shares equaled $81,000 while Vent's book value was 561,000 Any excess for over book value at that date was attributed to Venti's trademark with an indefinite fe Because Pikes owns no equity In Venti, all of the acquisition date excess for over book value is allocated to the noncontrolling interest Ventipald Pikes 25 percent of its 2021 revenues at the end of the year and recorded the payment in other operating expenses. Vent also paid the interest to Pikes for the loan On December 31, 2021, Pikes and Venti submitted the following statements for consolidation (Parentheses indicate credit balances.) Venti $ (222,000) Pires $ (795,000) (55,500) 627,000 82,00 (10,600) 89,600 64,600 19,600 (28,200) (46,10) (21,2005 Revenues Management fee Cost of good sold Other operating expenses Interest Income Interest expense Net Income Retained earnings, 1/1 Niet income Dividends declared Retained earnings, 12/31 Current assets Loan receivable from Venti Equipment (net) Trademark Total assets Current libilities Loan payable to Ples Other long-term deut Common stock Retained earnings, 12/31 Total liabilities and equity (175,100) (1,381,200) (175,100) 26200 (1,400,100) 390,000 306.000 901,00 (34,200) 79,000 1.597,000 (100) 533,000 131,000 743,000 90,000 (06.000) (249,600) (15.00 (2000) 3.143.000) (50,000) AD100 $(1,597,000) Prepare the December 31, 2021, consolidation worksheet for Pikes and its variable interest entity Vent For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter the 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.) $ Credit NCE Blancas Revenues Management Too Cost of good sold Omering penses Interest income Paes and on companies Corson Worksheet Year Ended December 31, 20:21 Consolidation Ver Debit 790.000 222 000 55 500 0 527.000 89.500 32.000 64.600 30,000 0 30,500 175,100 S 20 200 5 40.000 20.200 0 74.200 70.000 Net Income Consolidated encome to non conting interest to Pa Redeamings, 1/1 Not income Dividends declared Ratand carings 12/31 Current assets Loan receivable from Vent Emanet Trademar Totalasses Durante Loon payable to P Other long term det Common stock Noncontro ng interest Retained aming 12/31 Total and et $ 1381200 S 175.100 76.200 $ 1.4891005 $ 390.000 5 305.000 901.000 0 5 1 597.000 5 65,000 0 530,000 131 000 763.000 90.000 300.000 249 300 15,000 0 50.000 0 1,480,100 S1507.000 74 200 70.000