3. Ruland acquires 100% of the shares of Nu on January 1, 2001 for $1020. The Nu on that date was $670. Additional information with respect to Nu on January anuary 1, 2001 for $1020. The book value of h respect to Nu on January 1, 2001: Book value Market value Land 60 120 315 Building (20 year remaining life) Copyright (10 year remaining life) 275 100 160 Following are consolidated worksheet balances as of December 31, 2001: Account Ruland Dr. Cr. Nu Cons Sales (740) Cost of goods sold (3360) 1700 260 485 Depreciation and Amort Interest Exp 44 Income from Nu (227) (1583) Income (235) (1265) Beginning RE Income (brought forward) (440) (235) (1583) Less: Dividends 360 65 Ending RE (2488) (610) Current Asset 1526 743 Investment in Nu Corp. 1182 Land 292 60 Building and equipment, net 876 265 Copyright Total 95 3876 1163 Accounts payable (178) (263) Notes Payable (460) (60) Capital stock APIC (300) (100) Retained earning (450) (2488) 3876 (130) (610) Total 1163 Required: A.Using the above information, derive the investment on the parents books at 12/31/01 (employ the full equity method and round off pennies to nearest dollar) B.Prepare the journal entries for the consolidation and put on worksheet. Don't complete worksheet