#3. Income statement. Ignore #1 & 2.

Nascent, Inc. acquires 60% of Sea-Breeze Corporation for $414,000 cash on January 1, 2012. The remaining 40% of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. No stock was issued after the acquisition date and no dividends were declared for 2012, 2013 or 2014. On January 1, 2012, Sea-Breeze had the following assets and liabilities: Fair Value Book Value $150,000 Current assets. $150,000 Land 200,000 200,000 Buildings (net)(6-year remaining life) .............................300,000 324,000 320,000 Equipment (net) (4year remaining life. ...............300,000 56,000 Patent (10 year remaining life) (400,000) Liabilities .......................(400,000) Any excess over fair value is allocated to Goodwill with an indefinite life. The companies' trial balances for the year ending December 31, 2015, are as follows: Use the data in the text, page 193, problem 34) to prepare a: 1. consolidated worksheet, (50 points) on 2. a consolidated balance sheet, (see page 592 for the proper form of balance sheet, (50 points) and 3. a consolidated income statement. (50 points)