ACC 3330 Advanced Accounting Problem 1: Consolidation Entries with Differential On June 30, 20X9, Bull Corporation acquired 70 percent of Cow Company's common stock. The fair value of the noncontrolling interest was $24,000 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Cow Company Book Value Fair Value $ 10,000 $ 10,000 $ 12,500 $ 12,500 $ 30,000 $ 35,000 $100,000 $120,000 Item Cash Accounts Receivable Inventory Building & Equipment (net) Investment in Cow Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Bull Corporation Book Value $ 50,000 $ 25,000 $ 90,000 $300,000 $ 80,000 $545,000 $ 40,000 $335,000 $ 75,000 $ 95,000 $545,000 $177,500 $ 12,500 $ 35,000 $152,500 $ 12,500 $ 55,000 $ 40,000 $ 45,000 $152,500 $ 47,500 Required: Give the consolidation entries required to prepare a consolidated balance sheet immediately after the purchase of Cow Company shares. NOTE: Please include your name on the work you submit