$$2,231,500$ in cash and securities$.$ On the acauisition date Siberstone had thtoll htn n eage rorCasts receivableInventoryTotal assetsAsset$2024$nmenRovalty agreementsTrademarksEauityAt the acquisition date, the book values of Silverstone's assets and liabilities were generally equivalent to their fair values except forthe following assets:Income StatenentKeve anods so Ld$2023.$ Palo VerdNet incomeEquipmentGoodwiLTnetet IncomDividends declared$478,908$Accounts receivableInventcDuring the next two years, Silverstone has the following income and dividends n its own separately prepared financial reports to itsparent.Retained earnings, $12/31$Batance SheetRequired:tizatzo silverstonet in SilverstoneTradengreementsAccaes assetsStatement of Retained EarningsNet i earnings, $1/1$Conmon stockDividends are declared and paid in the same period. The December $31,2024,$ separate financial statements for each company folow.Parentheses indicate credit balances.aag$-$Retained earnings, $12/31$RevenuesTotal liabilit ies and equityIncome StatementNet incomeCashItemsCost of goods soldDepreciation expenseAmortlzation expenseReouired A Required B RequiredBalance SheetDiyidends$45,990$Equity eamings in SilverstoneInventoryRetained earnings $1/$Statement of Retained EarningsNet income $($above$)$Dlvidends decaredRetained earnings $12/31$Trademarks$ $42,400$ Accounts payableBook ValueAecounts receivableEquipment $($net$)$Goodwill$2,$AccountsInvestment in SilverstoneComee$950\mathrm{.}088$$ $3,769,900222,080$Royalty agreementssets$958,800$t$-$ Palo VerdeCommon stock $-$ SilyerstoneRetained earnings $12/31|$Total liabilities and equityBetainod ingsTotal liabilities and equityair vaLue Useful Life,$029,58$eComplete this question by entering your answers in the tabs below.Palo Verde$ $(4,680,000)576,89$ga$.$ Determine the fair value in excess of book value for Palo Verde's acquisition date investment in Silverstone.$ $(1,814,875)$b$.$ Determine Palo Verde's Decermber esuember $212024$ consolidated financial statements.Prepare a worksheet to determine th$ $(5,214,875)15$Prepare a worksheet to determine the balances for Palo Verde's December $31,2024,$ consolidated financial statements.Note: For accounts where muitiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debite orkshett SimilanY combine all credit entries into one amount and enter this amount in the credit column of the worksheet, Innut$6,530,903,490,800(8,500,$e$80)(5,214,875)$$ $(15,188,250)$Palo Verdebalances for Palo Verde's DecRemaining$2,540,000|576,000$indefinite$169,000$$ $(4,680,000)$ $$(419,875)(1\mathrm{.}814\mathrm{.}87$sConsolidation Works heetFor Year December $31,2024(3,550,000)(1,814,875)150,000150,000(5\mathrm{.}214,875)572,000572,008700\mathrm{.}000913\mathrm{.}000$PALO VERDE CORPORATION AND CONSOLIDATED SUBSIDIARY$2\mathrm{.}709\mathrm{.}25$o$6\mathrm{.}530\mathrm{.}00$o$190,0003,400,000(1,473,375)$Silverstone$(8,500,000)$$ $(2,984,088)396\mathrm{.}008(5\mathrm{.}214,875)15188250)$s $(1,410,$ eeeSilverstone$($ Requlred Bs $(3,626,500)$$ $3\mathrm{.}626\mathrm{.}50(1,410,000)(2,984,00$o$0)2,110,000|396,000(478\mathrm{.}000)(977,000)(478,000)45,000(1,410,000)(478,8$e$0)55,00045,000107\mathrm{.}50057000055,00$e$1,980,000107914,000570,8001,980,080914,8003\mathrm{.}626\mathrm{.}500(1,416,500)$$ $2,153,980($B$00,000)(1,410,000)(3626500816-888$$ $3,769,980$Requlredcnsolidation EntriesConsolidatedShow lessADepreciation expense