all of the information for the problem is stated above

Peerless Corporation purchases 70% of Special Foods Corporation's outstanding Common Stock for $560,000, on 01/01/X1. At the date of acquisition, Special had accumulated depreciation of $205,000 Special reported net income for 20X1 of $160,000 and paid dividends of $26,000. Peerless' purchase of Special's net assets showed Fair Value exceeding Book Value by $135,000 Assets that had higher values were Inentory, $30,000; Land $100,000; and Building, $25,000. It was determined that goodwill was impaired by $100,000 All of the inventory was sold during 20X1. The Building has 5 years remaining on its usesful life and Special uses straight line depreciation. Equity at 20x1 for Special was Common Stock, S200,000 and Retained Earnings, $100,000, 16. Prepare the Book Value Calculations on the provided worksheet. 17 - Prepare the Basic Consolidation Entry on the Journal Entry Form below. 18. Prepare the Excess Value (Differential) Calculations on the provided worksheet. 19. Prepare the Amortized Value Reclassification Entry on the Joirnal Entry Form below. 20 - Prepare the Excess Value (Differential) Reclassification Entry on the Journal Entry Form below. 21 - Prepare the Accumulated Depreciation Consolidated Entry on the Journal Entry Form below. 22 - Prepare the 3-Part Consolidation Worksheet, attached. Problem #16 10 points Book Value Calculations: NCI 30% Peerless Corp 70% Common Stock Retained Earnings Beginning Book Value + Net Income - Dividends Ending Book Value Problem # 17 (10 Points) Prepare the Basic Consolidation Entry on the Journal Entry Form below. Problem #18 10 points Excess Value (Differential) Calculations: NCI 30% Pie Corp 70% Buildings & Equipment Accum Depreciation Inventory Land Goodwill Beginning Balance Changes Ending Balance 0 0 Problem # 19 (10 Points) Prepare the Amortized Excess Value Reclassification Entry on Journal Entry Form below. (10 Points) Prepare the Excess Value (Differential) Reclassification Entry on the Journal Entry Form below. Problem #21 (10 Points) Prepare the Accumulated Depreciation Entry on the Journal Entry form below. Problem # 22 Prepare the Consolidated 3-part Worksheet below. 10 points Consolidated Consolidated Worksheet - Initial Year of Ownership December 31, 20x1, Initial Year of Ownership, 70% acquisition at More than Book value Consolidation Entries Peerless erless Special Income Statement Sales 400,000 300,000 Less: COGS - 170,000 -105,000 Less:Depreciation Expense -50,000 -20,000 Less: Other Expenses -40,000 -15,000 Less: Impairment Loss Income from Special Foods 17,500 Consolidated Net Income 157,500 160,000 NCI in Net Income Controlling Interest in Net Income 157,500 160,000 700.000 -275,000 -70,000 -55,000 17,500 317,500 317.500 Statement of Retained Earnings Beginning Balance Net Income Less:Dividends Declared Ending Balance 300,000 157,500 -60,000 397,500 100,000 160,000 -26,000 234.000 400,000 317,500 -86,000 631,500 Balance Sheet Cash Accounts Receivable Inventory Investment in Special Foods 175,500 75,000 100,000 559,000 120,000 93,000 121,000 295,500 168,000 221.000 559.000 Land Buildings & Equipment Less: Accumulated Depreciation Goodwill Total Assets 175,000 528,000 -400,000 75,000 475,000 -225,000 250,000 1,003,000 -625,000 1,212,500 659,000 1,871,500 Accounts Payable Bonds Payable Common Stock Retained Earnings NCI in NA of Special Foods 115,000 200,000 500,000 397,500 100,000 125.000 200,000 234,000 215,000 325,000 700,000 631,500 Total Liabilities & Equity 1.212,500 659.000 1,871,500 Peerless Corporation purchases 70% of Special Foods Corporation's outstanding Common Stock for $560,000, on 01/01/X1. At the date of acquisition, Special had accumulated depreciation of $205,000 Special reported net income for 20X1 of $160,000 and paid dividends of $26,000. Peerless' purchase of Special's net assets showed Fair Value exceeding Book Value by $135,000 Assets that had higher values were Inentory, $30,000; Land $100,000; and Building, $25,000. It was determined that goodwill was impaired by $100,000 All of the inventory was sold during 20X1. The Building has 5 years remaining on its usesful life and Special uses straight line depreciation. Equity at 20x1 for Special was Common Stock, S200,000 and Retained Earnings, $100,000, 16. Prepare the Book Value Calculations on the provided worksheet. 17 - Prepare the Basic Consolidation Entry on the Journal Entry Form below. 18. Prepare the Excess Value (Differential) Calculations on the provided worksheet. 19. Prepare the Amortized Value Reclassification Entry on the Joirnal Entry Form below. 20 - Prepare the Excess Value (Differential) Reclassification Entry on the Journal Entry Form below. 21 - Prepare the Accumulated Depreciation Consolidated Entry on the Journal Entry Form below. 22 - Prepare the 3-Part Consolidation Worksheet, attached. Problem #16 10 points Book Value Calculations: NCI 30% Peerless Corp 70% Common Stock Retained Earnings Beginning Book Value + Net Income - Dividends Ending Book Value Problem # 17 (10 Points) Prepare the Basic Consolidation Entry on the Journal Entry Form below. Problem #18 10 points Excess Value (Differential) Calculations: NCI 30% Pie Corp 70% Buildings & Equipment Accum Depreciation Inventory Land Goodwill Beginning Balance Changes Ending Balance 0 0 Problem # 19 (10 Points) Prepare the Amortized Excess Value Reclassification Entry on Journal Entry Form below. (10 Points) Prepare the Excess Value (Differential) Reclassification Entry on the Journal Entry Form below. Problem #21 (10 Points) Prepare the Accumulated Depreciation Entry on the Journal Entry form below. Problem # 22 Prepare the Consolidated 3-part Worksheet below. 10 points Consolidated Consolidated Worksheet - Initial Year of Ownership December 31, 20x1, Initial Year of Ownership, 70% acquisition at More than Book value Consolidation Entries Peerless erless Special Income Statement Sales 400,000 300,000 Less: COGS - 170,000 -105,000 Less:Depreciation Expense -50,000 -20,000 Less: Other Expenses -40,000 -15,000 Less: Impairment Loss Income from Special Foods 17,500 Consolidated Net Income 157,500 160,000 NCI in Net Income Controlling Interest in Net Income 157,500 160,000 700.000 -275,000 -70,000 -55,000 17,500 317,500 317.500 Statement of Retained Earnings Beginning Balance Net Income Less:Dividends Declared Ending Balance 300,000 157,500 -60,000 397,500 100,000 160,000 -26,000 234.000 400,000 317,500 -86,000 631,500 Balance Sheet Cash Accounts Receivable Inventory Investment in Special Foods 175,500 75,000 100,000 559,000 120,000 93,000 121,000 295,500 168,000 221.000 559.000 Land Buildings & Equipment Less: Accumulated Depreciation Goodwill Total Assets 175,000 528,000 -400,000 75,000 475,000 -225,000 250,000 1,003,000 -625,000 1,212,500 659,000 1,871,500 Accounts Payable Bonds Payable Common Stock Retained Earnings NCI in NA of Special Foods 115,000 200,000 500,000 397,500 100,000 125.000 200,000 234,000 215,000 325,000 700,000 631,500 Total Liabilities & Equity 1.212,500 659.000 1,871,500