Acme's appraisal of Coyote's fair values deemed three accounts to be undervalued: Inventory by $$5,000,$ Land by $$20,000,$ and Buildings by $$30,000.$ Acme plans to maintain Coyote's separate legal identity and to operate Coyote as a wholly owned subsidiary. Acme Corporation Coyote

Cash $ $60,000$ $ $20,000$

Receivables $270,00090,000$

Inventory $360,000140,000$

Land $200,000180,000$

Buildings $($net$)420,000220,000$

Equipment $($net$)160,00050,000$

Accounts payable $(150,000)(40,000)$

Long$-$term liabilities $(430,000)(200,000)$

Common stock $-$ $$1$ par value $(110,000)-0-$

Common stock $-$ $$20$ fair value $-0-(120,000)$

Additional paid $-$ in capital $(360,000)-0-$

Retained earnings, $1/1/$X$4(420,000)(340,000)1.$ Prepare Acme's journal entries to record its acquisition of Coyote, related professional fees paid, and stock acquisition costs. $2.$ Separately determine each individual amount that Acme would report in its consolidated balance sheet following the acquisition of Coyote. Include in Acme's retained earnings any adjustments to income accounts from Part $1.3.$ To verify the answers found in Part $2,$ adjust Acme's column of accounts for the journal entries in Part $1$ and then prepare a worksheet to consolidate the balance sheets of these two companies at the acquisition date.