Attached is advanced financial accounting problems.

3. On December 31, 20X9, Thessaly Corporation acquired all of Ionian Company's common shares, for $560,000 cash. On that date, Ionian's balance sheet appeared as follows: Assets Cash Accounts Receivables Liabilities $80,000 40,000 Current Payables Notes Payable $50,000 70,000 Inventory 100,000 Land 120,000 Common Stock 150,000 Building and Equipment (net) 260,000 Additional Capital 200,000 Retained Earnings 130,000 Total $600,000 Stockholders' Equity Total $600,000 The fair values of all of Ionian's assets and liabilities were equal to their book values except for the following: Fair Value Inventory $140,000 Land 150,000 Buildings and Equipment 270,000 In recording this acquisition, push-down accounting was used. Required: 1) Record the acquisition of Ionian's stock on Thessaly's books on December 31, 20X9. 2) Record any entries that would be made on December 31, 20X9, on Ionian's books related to the business combination. 3) Present all consolidating entries that would appear in the worksheet to prepare a consolidated balance sheet immediately after the combination. 4. On January 1, 20X8, Vector Company acquired 70 percent of Scalar Company's ownership on for $112,000 cash. At that date, the fair value of the noncontrolling interest was $48,000. The book value of Scalar's net assets at acquisition was $125,000. The book values and fair values of Scalar's assets and liabilities were equal, except for buildings and equipment, which were worth $20,000 more than book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Vector concluded at December 31, 20X8, that goodwill from its acquisition of Scalar shares had been impaired and the correct carrying amount was $10,000. Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders. No additional impairment occurred in 20X9. Trial balance data for Vector and Scalar on December 31, 20X9, are as follows: Item Cash Accounts Receivable Inventory Land Buildings and Equipment Investment in Scalar Co. Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Vector Co. Debit Credit $ 108,000 60,000 80,000 150,000 300,000 133,000 180,000 50,000 30,000 25,000 40,000 40,000 Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Scalar $1,196,00 0 Scalar Co. Debit Credit $ 30,000 25,000 30,000 50,000 150,000 100,000 34,000 15,000 6,000 21,000 10,000 $ 150,000 90,000 30,800 180,000 150,000 179,800 400,000 15,400 $1,196,00 0 $ 36,000 26,000 9,000 50,000 100,000 50,000 200,000 $471,00 0 $471,00 0 Required: 1) Provide all journal entries needed at December 31, 20X0. 2) Provide all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. 3) Prepare a three-part consolidation worksheet for 20X9 in good form. Vector Co. Income Statement Sales Less: COGS Less: Wages expense Less: Depreciation expenses Less: Interest expense Less: Other expense Income from Scalar Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Scalar Co. 400,000 (180,000) (50,000) (30,000) (25,000) (40,000) 15,400 90,400 200,000 (100,000) (34,000) (15,000) (6,000) (21,000) 0 24,000 90,400 24,000 Statement of Retained Earnings Beginning Balance 179,800 Net income 90,400 Less: Dividends declared (40,000) Ending Balance 230,200 50,000 24,000 (10,000) 64,000 Balance Sheet Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Acc. Depr. Investment in Crusoe 108,000 60,000 80,000 150,000 300,000 (150,000) 133,000 30,000 25,000 30,000 50,000 150,000 (36,000) Total Assets 681,000 249,000 Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings NCI in NA of Scalar Co. 90,000 30,800 180,000 150,000 230,200 26,000 9,000 50,000 100,000 64,000 Total Liab & Equity 681,000 249,000 Consolidation Entries DR CR Consolidated 5. Top Corporation acquired 80 percent of Bottom Corporation's common stock on January 1, 20X8, for $520,000. At that date, Bottom reported common stock outstanding of $250,000 and retained earnings of $375,000. Assume the fair value of the noncontrolling interest on January 1, 20X8 was $130,000. The book values and fair values of Bottom's assets and liabilities were equal on the acquisition date, except for other intangible assets, which had a fair value $25,000 greater than book value and a 5-year remaining life. Top and Bottom reported the following data for 20X8 and 20X9: Year 20X8 20X9 Top Co. Operating Dividends Income Paid $50,000 $10,000 $60,000 $12,000 Net Income $90,000 $110,000 Bottom Co. Comprehensive Income $95,000 $120,000 Dividends Paid $30,000 $25,000 a. Compute consolidated comprehensive income for 20X8 and 20X9. b. Compute comprehensive income attributable to the controlling interest for 20X8 and 20X9. 6. Pie Company acquired 75 percent of Strawberry Company's stock at the underlying book value on January 1, 20X8. At that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Strawberry Company. Strawberry Company reported shares outstanding of $350,000 and retained earnings of $100,000. During 20X8, Strawberry Company reported net income of $75,000 and paid dividends of $6,000. In 20X9, Strawberry Company reported net income of $85,000 and paid dividends of $10,000. The following transactions occurred between Pie Company and Strawberry Company in 20X8 and 20X9: Strawberry Co. sold equipment to Pie Co. for a $30,000 gain on December 31, 20X8. Strawberry Co. had originally purchased the equipment for $120,000 and it had a carrying value of $40,000 on December 31, 20X8. At the time of the purchase, Pie Co. estimated that the equipment still had a ten-year remaining useful life. Strawberry Co. sold land costing $75,000 to Pie Co. on June 28, 20X8, for $110,000. Required: Give all the journal entries and consolidating entries needed to prepare a consolidation worksheet for 20X9 assuming that Pie Co. uses the fully adjusted equity method to account for its investment in Strawberry Company