A C H 1 On January 1st 2021 Ken and Barbie had the following balance sheets 2 3 KEN Barbie 4 Cash 10000 900000 5 Accts receivable 40000 400000 6 inventory 80000 800000 7 land 130000 900000 8 equipment 200000 1200000 9 accum dep equip 20000 120000 10 patent 10000 60000 11 12 accts payable 4000 40000 13 note payable 30000 300000 14 15 common stock 150000 16 apic 100000 17 r/e 166000 850000 1000000 1950000 J K L M N P 18 19 On January 2nd Barbie issued (sold) 400,000 shares of its stock to acquire 80% of Ken's stock 20 On this date Barbie's stock was selling for $2 per share 21 22 On January 2nd Ken's assets had the following fair market values 23 24 25 equipment land 26 patent 27 in process R&D 28 300000 180000 2000 50000 29 30 Both Ken and Barbie depreciate equipment over a 10 year life with no salvage value (straight line) 31 Both Ken and Barbie's patents have a 5 year remaining live with no salvage 32 33 REQUIRED: 34 35 A) MAKE THE JOURNAL ENTRY BARBIE MAKES WHEN IT SELLS ITS STOCK TO KEN'S STOCKHOLDERS FOR 80% OF KEN'S STOCK 36 37 B) MAKE THE JOURNAL ENTRY KEN MAKES WHEN ITS STOCKHOLDERS SELL 80% OF THEIR STOCK TO BARBIE FOR BARBIE STOCK C) MAKE ANY NECESSARY WORKSHEET ENTRIES 38 D) PREPARE A CONSOLIDATED BALANCE SHEET ON JANUARY 2ND