On January 1, 2013, Monica Company acquired 70 percent of Young Companys outstandingcommon stock for $665,000. The fair value of the noncontrolling interest at the acquisitiondate was $285,000. Young reported stockholders equity accounts on that date as follows:Year Transfer PriceInventory Remainingat Year-End(at transfer price)2013 $60,000 $10,0002014 80,000 12,0002015 90,000 18,000Common stock$10 par value . . . . . . . . . . . . . . . . . . . . . . . . . $300,000Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,000Plymouth SanderCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 535,000 $ 115,000Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 575,000 215,000Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 800,000Investment in Sander . . . . . . . . . . . . . . . . . . . . . . . 1,420,000 0Buildings and equipment . . . . . . . . . . . . . . . . . . . . 1,025,000 863,000Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950,000 107,000Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,495,000 $ 2,100,000

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . $ (450,000) $ (200,000)Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . (545,000) (450,000)Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . (900,000) (800,000)Additional paid-in capital . . . . . . . . . . . . . . . . . . . . (300,000) (100,000)Retained earnings 12/31/15 . . . . . . . . . . . . . . . . . . (3,300,000 ) (550,000 )Total liabilities and stockholders equity . . . . . . . $(5,495,000 ) $(2,100,000 )In establishing the acquisition value, Monica appraised Youngs assets and ascertained that theaccounting records undervalued a building (with a 5-year remaining life) by $50,000. Any remainingexcess 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 profitrate. Monica consistently resold this merchandise in the year of acquisition or in the periodimmediately following. Transfers for the three years after this business combination was createdamounted to the following:In addition, Monica sold Young several pieces of fully depreciated equipment on January1, 2014, for $36,000. The equipment had originally cost Monica $50,000. Young plans todepreciate these assets over a 6-year period.In 2015, Young earns a net income of $160,000 and declares and pays $50,000 in cashdividends. These figures increase the subsidiarys Retained Earnings to a $740,000 balance atthe end of 2015. During this same year, Monica reported dividend income of $35,000 and aninvestment account containing the initial value balance of $665,000. No changes in Youngscommon stock accounts have occurred since Monicas acquisition.Prepare the 2015 consolidation worksheet entries for Monica and Young. In addition,compute the net income attributable to the noncontrolling interest for 2015On January 1, 2013, Monica Company acquired 70 percent of Young Companys outstandingcommon stock for $665,000. The fair value of the noncontrolling interest at the acquisitiondate was $285,000. Young reported stockholders equity accounts on that date as follows:Year Transfer PriceInventory Remainingat Year-End(at transfer price)2013 $60,000 $10,0002014 80,000 12,0002015 90,000 18,000Common stock$10 par value . . . . . . . . . . . . . . . . . . . . . . . . . $300,000Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,000Plymouth SanderCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 535,000 $ 115,000Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 575,000 215,000Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 800,000Investment in Sander . . . . . . . . . . . . . . . . . . . . . . . 1,420,000 0Buildings and equipment . . . . . . . . . . . . . . . . . . . . 1,025,000 863,000Patents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950,000 107,000Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,495,000 $ 2,100,000Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . $ (450,000) $ (200,000)Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . (545,000) (450,000)Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . (900,000) (800,000)Additional paid-in capital . . . . . . . . . . . . . . . . . . . . (300,000) (100,000)Retained earnings 12/31/15 . . . . . . . . . . . . . . . . . . (3,300,000 ) (550,000 )Total liabilities and stockholders equity . . . . . . . $(5,495,000 ) $(2,100,000 )In establishing the acquisition value, Monica appraised Youngs assets and ascertained that theaccounting records undervalued a building (with a 5-year remaining life) by $50,000. Any remainingexcess 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 profitrate. Monica consistently resold this merchandise in the year of acquisition or in the periodimmediately following. Transfers for the three years after this business combination was createdamounted to the following:In addition, Monica sold Young several pieces of fully depreciated equipment on January1, 2014, for $36,000. The equipment had originally cost Monica $50,000. Young plans todepreciate these assets over a 6-year period.In 2015, Young earns a net income of $160,000 and declares and pays $50,000 in cashdividends. These figures increase the subsidiarys Retained Earnings to a $740,000 balance atthe end of 2015. During this same year, Monica reported dividend income of $35,000 and aninvestment account containing the initial value balance of $665,000. No changes in Youngscommon stock accounts have occurred since Monicas acquisition.Prepare the 2015 consolidation worksheet entries for Monica and Young. In addition,compute the net income attributable to the noncontrolling interest for 2015