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while declaring and paying dividends of S15,000. During 2015 Aloe reported net income of 130 000 and declared a dividend of 25,000 Debit Credit 5 50,000 Accounts payable Accounts receivable 5 40,000 50,000 Additional paid-in capital Buildings (net) (4-year remaining ife) Cash and short-term investments Common Equipment (net) (5-year remaining life Inventory Land 120,000 60,000 stock 250,000 ife) 200,000 90,000 80.000 50.0 Long-term liabilities (mature 12/31/17) 150,000 100,000 Retained earnings, 1/1/14 Supplies 10,000 Totals $600,000 600,000 Assume that Inna Company acquired Aloe's common stock for $530,000 in cash. Assume that the equipment and long-term liabilities had fair values of $230,000 and $120,000, respectively, on the acquisition date I- Inna uses the equity method to account for its investment. Prepare consolidation entries for December 31, 2014 and December 31, 2015. 2- Inna uses the initial value method to account for its investment. Prepare consolidation entries for December 31, 2014 and December 31, 2015. while declaring and paying dividends of S15,000. During 2015 Aloe reported net income of 130 000 and declared a dividend of 25,000 Debit Credit 5 50,000 Accounts payable Accounts receivable 5 40,000 50,000 Additional paid-in capital Buildings (net) (4-year remaining ife) Cash and short-term investments Common Equipment (net) (5-year remaining life Inventory Land 120,000 60,000 stock 250,000 ife) 200,000 90,000 80.000 50.0 Long-term liabilities (mature 12/31/17) 150,000 100,000 Retained earnings, 1/1/14 Supplies 10,000 Totals $600,000 600,000 Assume that Inna Company acquired Aloe's common stock for $530,000 in cash. Assume that the equipment and long-term liabilities had fair values of $230,000 and $120,000, respectively, on the acquisition date I- Inna uses the equity method to account for its investment. Prepare consolidation entries for December 31, 2014 and December 31, 2015. 2- Inna uses the initial value method to account for its investment. Prepare consolidation entries for December 31, 2014 and December 31, 2015