The individual financial statements for Ben Company and Jerry Company for the year ending December 31, 2018, follow.

The individual financial statements for Ben Company and Jerry Company for the year ending December 31, 2018, follow. Ben acquired a 60 percent interest in Jerry on January 1, 2017, in exchange for various considerations totaling $570,000. At the acquisition date, the fair value of the noncontrolling interest was $380,000 and Jerry's book value was $850,000. Jerry had developed internally a customer list that was not recorded on its books, but had an acquisition-date fair value of $100,000. This intangible asset is being amortized over 20 years.

Ben sold Jerry land with a book value of $60,000 on January 2, 2017, for $100,000. Jerry still holds this land at the end of the current year.

Jerry regularly transfers inventory to Ben. In 2017, it shipped inventory costing $100,000 to Ben at a price of $150,000. During 2018, intra-entity shipments totaled $200,000, although the original cost to Jerry was only $140,000. In each of these years, 20 percent of the merchandise was not resold to outside parties until the period following the transfer. Ben owes Jerry $40,000 at the end of 2018.

 Ben Company Jerry Company

Sales $            (800,000) $            (500,000)

Cost of goods sold                500,000                300,000

Operating expenses                100,000                  60,000

Equity in subsidiary earnings                (79,800)                          -

Net income $            (279,800) $            (140,000)

Retained earnings 1/1/18 $         (1,107,000) $            (620,000)

Net income              (279,800)              (140,000)

Dividends declared                115,000                  60,000

Retained earnings 12/31/18 $         (1,271,800) $            (700,000)

Cash $             177,000 $               90,000

Accounts receivable                356,000                410,000

Inventory                440,000                320,000

Investment in Jerry                712,800                          -

Land                180,000                390,000

Buildings and equipment (net)                496,000                300,000

Total assets $           2,361,800 $           1,510,000

Liabilities $            (480,000) $            (400,000)

Common stock              (610,000)              (320,000)

Additional paid-in capital                          -                (90,000)

Retained earnings 12/31/18            (1,271,800)              (700,000)

Total liabilities and equity $         (2,361,800) $         (1,510,000)

Prepare journal entries to consolidate the separate 2018 financial statements for Ben and Jerry.