1. Alpha, Inc, acquires 6o'percent of Beta for $414,000 cash on January 1, 2014. The remaining 40 percent of Beta traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2014 Beta had the following assets and liabilities Book value Fair value Current assets Land Buildings(net) (six year remaining life Equipment (net) (4 year remaining life) 150,000 200,000 300,000 300,000 280,000-auou 150,000 200,000 360,000 Liabilities -100,000 00,000 The financial statements for the year ending, December 31, 2014 Alpha -600,000 300.000 410,000 210,000 Beta Revenuc OperatinB expense Investment income 51,000 Net income :241000 90,000 70,000 90,000 Retained earnings 700,000 -241,000 Net Income Dividends declared Retained earnings 92,000 -849 000 90.000 330,000 295,000 220,000 700,000 250,000 400,000 423,000 70,000 Current assets Land Buildings(net) (six year remaining life) Equipment (net) (4 year remaining life) 200,000 225,000 Investment Beta 2.073,000 970,000 -480,000 2,073.000 970,000 Total assets liabilities Common stock Retained earnings -500,000 400,000 -724,000 -849,000 90,000 Total liabilities & equity Do the following: 1. Prepare an allocation of acquisition cost 2. Prepare the entries to record the investees 2014 transactions on the investors books using the Equity Method 3. Prepare the consolidation entries for the worksheet complete with analysis