Advanced Financial Accounting and Reporting Consolidation Case- Part I Aston Corporation acquired 80 percent of the stock of Martin Company on January 1, 20X1, for $150,000. At acquisition, Martin Company reported retained earnings of $75,000. Aston accounts for its investment in Martin using the simple equity method. Trial balance data for Aston Corporation and Martin Company on December 31, 20X3 are as follows: Martin C ration Aston Debit 4,000 180,000 320,000 130,000 750,000 ation Credit Debit 115,000 95,000 135,000 75,000 100,000 Credit Cash Accounts Receivable In Land Buildings and Equipment Investment in: 103,500 226,000 3,500 Bonds Other Stock Martin Other Investment Cost of Goods Sold 50,000 36,000 24,000 20,000 160,000 5,000 7,000 38,000 ation Ex Interest Expense Other Expense Dividends Declared Accumulation De Accounts Payable Bonds payable Bond Premium Common Stock Retained Earnin Sales Interest Income Income from Subsidiar 10, 40,000 103,000 00,000 7,000 100,000 150,000 240,000 500,000 210,000 400,000 ation 200,000 500 7,500 24,000 2,197,000 2,197,000 740.000 740,000 Additional Information: The excess for the determination and distribution schedule at the date of acquisition related to the following assets of Martin Company: I. 25% to Inventory that was sold during 20X2 to an unrelated party 25% to Land that was sold by Martin in 20X2 to an unrelated party for a gain of $800 25% to Equipment with a remaining useful life of 10 years from the date of combination Required: I. n your Excel spreadsheet: A. Prepare the value analysis schedule and the determination and distribution of excess schedule. Show all of the compilati ons and computations necessary to support amounts recorded in the eliminating entries. all of the eliminating and adjusting entries that would be made on the consolidation worksheet as of December 31, 20X3. C. Prepare a consolidation worksheet for 20X3 in good form. D. Prepare the following consolaed financial statements for 20X3 in good form 1. 2. 3. Consolidated Balance Sheet; Consolidated Income Statement; and Consolidated Retained Earnings Statement