I am studying condsolidation of financial statements that involve

Assuming preparation of December 31st 2011 consolidation worksheetentries1.Upstream Inventory Transfer, Upstream Land Transfer (Year of thetransfer), and Upstream Depreciable Assets TransferEntry I:Investment Income* ……………………………………………….Investment in Young ………………………………..*Calculation of Investment IncomeParent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain- (Deferral of 2011 unrealized gross profit from land transfer)= Equity accrual for 2011Noncontrolling Interest’s Share of Subsidiary’s Income:Parent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain- (Deferral of 2011 unrealized gross profit from land transfer)= Equity accrual for 2011Entry S:Common Stock ……………………………………………………..Additional Paid-in Capital ………………………………………Retained Earnings, 1/1/11*Investment ………………………………………………….Noncontrolling Interest in Young …………………..* Calculation of Retained Earnings, 1/1/11 = (Subsidary’s 1/1/11 R.E. Entry *G)2.Upstream Inventory Transfer, Upstream Land Transfer (Year Afterthe transfer), and Upstream Depreciable Assets TransferEntry I:Investment Income* ………………………………………Investment in Young ………………………………..*Investment IncomeParent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain- (Deferral of 2010 unrealized gross profit from land transfer)= Equity accrual for 2011Parent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain= Equity accrual for 2011Noncontrolling Interest’s Share of Subsidiary’s Income:Parent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain= Equity accrual for 2011Entry S:Common Stock ……………………………………………………..Additional Paid-in Capital ………………………………………Retained Earnings, 1/1/11*Investment ………………………………………………….Noncontrolling Interest in Young …………………..*Retained Earnings, 1/1/11 = (Subsidary’s 1/1/11 R.E. – Entry *G – Entry*GL)3.Upstream Inventory Transfer, Upstream Land Transfer (Sale made in2011 to outside party ), and Upstream Depreciable Assets TransferEntry I:Investment Income* ……………………………………………….Investment in Young ………………………………..*Investment IncomeParent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain+ Recognition of 2010 unrealized gross profit land transfer= Equity accrual for 2011Noncontrolling Interest’s Share of Subsidiary’s Income:Parent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain+ Recognition of 2010 unrealized gross profit land transfer= Equity accrual for 2011Entry S:Common Stock ……………………………………………………..Additional Paid-in Capital ………………………………………Retained Earnings, 1/1/11*Investment ………………………………………………….Noncontrolling Interest in Young …………………..*Retained Earnings, 1/1/11 = (Subsidary’s 1/1/11 R.E. – Entry *G – EntryTL)4.Upstream Inventory Transfer, Upstream Land Transfer (Sale made in2010 to an outside party, and Upstream Depreciable Assets TransferEntry I:Investment Income* ……………………………………………….Investment in Young ………………………………..*Investment IncomeParent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain+ Recognition of 2010 unrealized gross profit land transfer= Equity accrual for 2011Noncontrolling Interest’s Share of Subsidiary’s Income:Parent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain+ Recognition of 2010 unrealized gross profit land transfer= Equity accrual for 2011Entry S:Common Stock ……………………………………………………..Additional Paid-in Capital ………………………………………Retained Earnings, 1/1/11*Investment ………………………………………………….Noncontrolling Interest in Young …………………..*Retained Earnings, 1/1/11 = (Subsidary’s 1/1/11 R.E. – Entry *G – EntryTL)5.Downstream Inventory Transfer (assuming a transfer was made to thesubsidiary in 2010 and in 2011), Upstream Land Transfer (Year of thetransfer 2011), and Upstream Depreciable Assets TransferEntry I:Investment Income* ……………………………………………….Investment in Young ………………………………..*Calculation of Investment IncomeReported income of subsidiary (given) ………………………………….- Excess fair value amortization ……………………………………………..= Realized income of Young …………………………………………………..X Outside ownership percentage …………………………………………….= Parent’s share of Subsidary’s realized income+ Recognition of 2010 unrealized gross profit inventory transfer- (Deferral of 2011 unrealized gross profit from inventory transfer)+ Depreciation adjustment for asset transfer gain……………………..= Equity accrual for 2011………………………………………………..Noncontrolling Interest’s Share of Subsidiary’s Income:Parent’s share of Sub’s realized income+ Depreciation adjustment for asset transfer gain- (Deferral of 2011 unrealized gross profit from land transfer)= Equity accrual for 2011Entry S:Common Stock ……………………………………………………..Additional Paid-in Capital ………………………………………Retained Earnings, 1/1/11*Investment ………………………………………………….Noncontrolling Interest in Young …………………..* Calculation of Retained Earnings, 1/1/11 = (Subsidary’s 1/1/11 R.E. – Entry*G)