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On January 1, 2016, Aronsen Company acquired 90 percent of Siedel Company's outstanding shares. Siedel had a net book value on that date of $510,000: common stock ($10 par value) of $200,000 and retained earnings of $310,000. Aronsen paid $756,900 for this investment. The acquisition-date fair value of the 10 percent noncontrolling interest was $84,100. The excess fair value over book value associated with the acquisition was used to increase land by $251,000 and to recognize copyrights (16-year remaining life) at $80,000. Subsequent to the acquisition, Aronsen applied the initial value method to its investment account In the 2016-2017 period, the subsidiary's retained earnings increased by $100,000. During 2018, Sledel earned income of $98,000 while declaring $38,000 in dividends. Also, at the beginning of 2018, Sledel issued 4,000 new shares of common stock for $48 per share to finance the expansion of its corporate facilities. Aronsen purchased none of these additional shares and therefore recorded no entry Prepare the appropriate 2018 consolidation entries for these two companies. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is not complete. No Transaction Accounts Debit Credit 1 1 Investment in Siedel Retained earnings (Aronsen) 75,600 2. 2 9,750 Investment in Siedel Additional paid-in capital (Aronsen) 9,750 3 3 Common stock (Siedel) Additional paid.in capital (Siedel) Retained earnings (Siedel) Investment in Siedel Noncontrolling interest in Siedel 200,000 152,000 410,000 571,500 190,500 4 Land 251,000 64,000 Copyrights Investment in Siedel Noncontrolling interest in Siedel 236,250 78,750 5 5 Amortization expense Copyrights 8,000 8,000 6 6 Dividend income Dividends declared 28,500 28,500 X Consolidation Worksheet Entries 1 2 3 5 6 Prepare Entry *C to convert the 1/1/18 balance to full accrual. Consolidation Worksheet Entries Prepare Entry Ci to record the adjustment for the subsidiary stock transaction. Consolidation Worksheet Entries 1 2 3 4 5 6 > Prepare Entry S to eliminate the subsidiary stockholders' equity accounts against the investment account and to recognize the noncontrolling interest. Note: Enter debits before credits Worksheet Entries 3 4 5 Prepare Entry A to recognize the acquisition price allocated to land and copyrights. Worksheet Entries