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Prepare schedules that show the calculations of the Investment in Martin 12/31/24 account balances. GOMEZ COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet Complete this question by entering your answers in the tabs below. Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances. Journal entry worksheet Note: Enter debits before credity. c. Determine the amount of income tax for Gomez and Martin on a consolidated tax return for 2024. d. Determine the amount of Short's income tax on a separate tax return for 2024. Note: Round your intermediate and final answer to the nearest whole dollar: On January 1,2023, Gomez Company acquired 90 percent of Martin Company's outstanding stock for $836,280. The 10 percent incontrolling interest had an assessed fair value of $92,920 on that date. Martin's acquisition-date book value consisted of $319,00 common stock and $459.000 retained earnings. Any acquisition-date excess fair value over book value was attributed to an unrecorded licensing agreement owned by Martin with an estimated remaining life of 12 years, Gomez uses the equity method to account for its investment in Martin. Also on January 1, 2023, Martin acquired an 80 percent interest in Short Company for $368.700. At the acquisition date, the 20 percent noncontrolling interest fair value was $92,175. Short's acquisition-date book value consisted of $209.500 common stock and $189,500 retained earnings. Any excess fair value was attributed to a fully amortized copyright that had a remaining life of 5 years. Martin uses the equity method to account for its investment in Short. Reported seporate net income (before inclusion of equity methoc income) totals for 2023 follow. Martin Company Short Company \$ 191,600 135,260 The following are the 2024 financial statements for these three companies (credit balances indicated by parentheses). Short has transferred inventory to Martin since the takeover amounting to $89,000 (2023) and $99,000 (2024). These transactions include the same markup applicable to Short's outside sales. In each year, Martin carnied 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 21 percent is applicable to all companies. All dividend declarations are paid in the same period. Required: a1. Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances. o2. Prepare schedules that show the calculations of the investment in Martin 12/31/24 account balances. b. Prepare the business combination's 2024 consolidation worksheet; ignore income tax effects. c. Determine the amount of income tax for Gomez and Martin on a consolidated tax return for 2024. d. Determine the amount of Short's income tax on a separate tax return for 2024. e. Based on the answers to requirements (c) and (d), what journal entry does this combination make to record 2024 inco Complete this question by entering your answers in the tabs below. Prepare schedules that show the calculations of the Investment in short 12/31/24 account balances. Prepare schedules that show the calculations of the Investment in Martin 12/31/24 account balances. GOMEZ COMPANY AND CONSOLIDATED SUBSIDIARIES Consolidation Worksheet Complete this question by entering your answers in the tabs below. Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances. Journal entry worksheet Note: Enter debits before credity. c. Determine the amount of income tax for Gomez and Martin on a consolidated tax return for 2024. d. Determine the amount of Short's income tax on a separate tax return for 2024. Note: Round your intermediate and final answer to the nearest whole dollar: On January 1,2023, Gomez Company acquired 90 percent of Martin Company's outstanding stock for $836,280. The 10 percent incontrolling interest had an assessed fair value of $92,920 on that date. Martin's acquisition-date book value consisted of $319,00 common stock and $459.000 retained earnings. Any acquisition-date excess fair value over book value was attributed to an unrecorded licensing agreement owned by Martin with an estimated remaining life of 12 years, Gomez uses the equity method to account for its investment in Martin. Also on January 1, 2023, Martin acquired an 80 percent interest in Short Company for $368.700. At the acquisition date, the 20 percent noncontrolling interest fair value was $92,175. Short's acquisition-date book value consisted of $209.500 common stock and $189,500 retained earnings. Any excess fair value was attributed to a fully amortized copyright that had a remaining life of 5 years. Martin uses the equity method to account for its investment in Short. Reported seporate net income (before inclusion of equity methoc income) totals for 2023 follow. Martin Company Short Company \$ 191,600 135,260 The following are the 2024 financial statements for these three companies (credit balances indicated by parentheses). Short has transferred inventory to Martin since the takeover amounting to $89,000 (2023) and $99,000 (2024). These transactions include the same markup applicable to Short's outside sales. In each year, Martin carnied 20 percent of this inventory into the succeeding year before disposing of it. An effective tax rate of 21 percent is applicable to all companies. All dividend declarations are paid in the same period. Required: a1. Prepare schedules that show the calculations of the Investment in Short 12/31/24 account balances. o2. Prepare schedules that show the calculations of the investment in Martin 12/31/24 account balances. b. Prepare the business combination's 2024 consolidation worksheet; ignore income tax effects. c. Determine the amount of income tax for Gomez and Martin on a consolidated tax return for 2024. d. Determine the amount of Short's income tax on a separate tax return for 2024. e. Based on the answers to requirements (c) and (d), what journal entry does this combination make to record 2024 inco Complete this question by entering your answers in the tabs below. Prepare schedules that show the calculations of the Investment in short 12/31/24 account balances

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