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Fred, Inc, and Herman Corpotation formed a business combination on January 1, 2019, when Fred acquired a 60 percent interest in Herman's common stock for $312.000 in cash. The book value of therman's assets and liabilities on that day totaled $300,000, and the fair value of the noncontrolling interest was $208,000. Patents being held by Herman (with a 12 year remaining life) were undervalued by $90,000 within the company's financial records, and a customer list (10-year life) worth $130,000 was also recognized as part of the acquisition-date fair value. Intra-entity inventory transfers occur regularly between the fwo companies. Merchandise carried over from one year to the next is always sold in the subsequent petiod. Fred had not paid for half of the 2021 inventory transfees by year end. On January 1, 2020. Fred sold $15,000 in land to Herman for $22000. Herman is stal holding this land. On January 1, 2021, Herman acquired $20,000 (face value) of Freds bonds in the open market. These bonds had an 8 percent cash interest rate. On the date of repurchase, the Hability was shown within Fieds records at $21,386, indicating an effective yleid of 6 percent. Herman's acquisition price was $18,732 based on an effective interest rate of 10 percent. Herman indicated earning a net income of $25,000 within its 2021 financial statements. The subsiduary also reported a beginning Retained Earrings balance of $300.000, dividends of $4,000, and common stock of $100.000. Herman has not issued any additional common stock since its takeover. The parent company has applied the equity method to record its investment in Herman. o. Prepare consolidation worksheet adjustments for 2021 . b. Calculate the amount of consolidated net income attributable to the noncontroling interest for 202t. In addition, determine the ending 2021 balance for noncontroling interest in the consolidated balance sheet. c. Determine the corsolidation worksheet adjustments needed in 2022 in connection with the intra-entity bonds. Complete this question by entering your answers in the tabs below. Prepare consolidation worksheet adjustments for 2021 . (H no entry is required for a transaction/tevent, select "Wo fournal entry retalired" in the first accocint field. Found your intermedate calcuiations and final arswers to the nearest while number.) Consolidation Worksheet Entries 234567511 Prepare Entry " n L to eliminate the intra entity gain created by the previous intra-entity transfor. tapie: fineter defats befere modits. Fred. Inc, and Herman Corporation formed a business combination on January 1, 2019, when Fred acquired a 60 percent interest in Herman's common stock for $312,000 in cash. The book value of Herman's assets and labilies on that day totaled $300,000, and the fair value of the noncontrolling interest was $208,000. Patents being held by Herman (with a 12 -year remaining life) were undervalued by $90.000 within the company's financial records, and a customer list f 10 -year lifel worth $130,000 was also recognized as part of the acquisition-date fair value. Intra-entity inventory transfers occur regularly between the two companies. Merchandise carried over from one year to the next is always sold in the subsequent period Fred had not paid for haif of the 2021 inventory transfers by year-end. On January 1, 2020, Fred sold $15,000 in land to Herman for $22,000. Herman is stail holding this land. On January 1, 2021, Herman acquired $20,000 (face value) of Fred's bonds in the open market. These bonds had an 8 percent cash. interest rate. On the date of repurchase, the liability was shown within Fred's records at $21386, indicating an effective yield of 6 percent. Herman's acquisition price was $18,732 based on an effective interest rate of 10 percent. Herman indicated earning a net income of $25,000 within its 2021 financial statements. The subsidiary also reported a beginning Retained Earnings balance of $300,000, dividends of $4,000, and common stock of $100,000. Herman has not issued any additional common stock since its takeover. The parent company has applied the equity method to record its investment in Herman. o. Prepare consolidation worksheet adjustments for 2021 . b. Calculate the amount of consolidated net income attributable to the noncontrolling interest for 2021. In addition, determine the ending 2021 balance for noncontrolling interest in the consolidated balance sheet. c. Determine the consolidation worksheet adjustments needed in 2022 in connection with the intra-entity bonds. Complete this question by entering your answers in the tabs below. Calculate the amount of consolidated net incorne attributable to the noncontrolling interest for 2021. In addition, determine the ending 2021 balance for noncontrolling interest in the consolidated balance sheet. a. Prepare consolidation worksheet adjustments for 2021. b. Calculate the amount of consolidated net income attributable to the noncontrolling interest for 2021 . In add ending 2021 balance for noncontrolling interest in the consolidated balance sheet. c. Determine the consolidation worksheet adjustments needed in 2022 in connection with the intra-entity bor Complete this question by entering your answers in the tabs below. Determine the consolidation worksheet adjustments needed in 2022 in connection with the intra-entity bonds. (If no a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to the nearest whole number.) Consolidation Worksheet Entries Prepare entry "B to remove the accounts pertaining to the intra entity bonds. Note: Enter debits before credits