b. Recreate the 4 JOURNAL ENTRIES recorded by Priya with regard to its investment in Sheldon Company at January 1,2022 gnd during 2022. IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWER, BE SURE TO SHOW YOUR WORK FOR THE NUMBERS INCLUDED IN THE AMORTIZATION OF EXCESS VALUE JOURNAL ENTRY. (10 POINTS) Priva Corporation acquired 100 percent of Sheldon Company stock on lanuary 1,2022 for $1,018,600 Cash. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as of December 31, 2022: Additional Information: 1. On January 1, 2022 the fair market value of Sheldon's assets equaled their book value with the exception of: Inventory - was overvalued by $9,300 (all this inventory was sold during 2022). Building - was undervalued by $76,000 (remaining useful life was estimated to be 5 vears). Land - was by undervalued $48,000. Equipment - was overvalued by $21,500 (remaining useful life was estimated to be 10 years). The new Goodwill from the acquisition wos impoired by $21,680 at year-end. 2. Priva Corporation uses the (full) equity method to account for its Investment in Sheldon Company. 3. The general ledger numbers given above (HINT: those in boldface) include the effects of the JOURNAL ENTRIES that were recorded by Priya at the acquisition date and during 2022 to account for its investment in Sheldon Company. These boldface figures should be used a check figures in your solution. e. Prepare the consolidation worksheet for the period ended December 31, 2022. (1B POINTS) c. Using vour information from b. above, calculate the 12/31/22 balances for Priya Company's Investment in Sheldon and Income from Sheldon accounts. Use the T accounts provided below. Use the T accounts provided below. (4 POINTS) d. Prepare the 3 REQUIRED CONSOLIDATION WORKSHEET ENTRIES (BCE, AEVRE, \& EVRE) at December 31, 2022. (28 POINTS) IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWERS, BE SURE TO CLEARLY SHOW ALL OF YOUR CALCULATIONS. BASIC CONSOLIDATION ENTRY (4 POINTS): AMORTIZATION OF EXCESS VALUE RECLASSIFICATION ENTRY \{12 POINTS\}: (REMAINING) EXCESS VALUE RECLASSIFICATION ENTRY (12 POINTS): b. Recreate the 4 JOURNAL ENTRIES recorded by Priya with regard to its investment in Sheldon Company at January 1,2022 gnd during 2022. IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWER, BE SURE TO SHOW YOUR WORK FOR THE NUMBERS INCLUDED IN THE AMORTIZATION OF EXCESS VALUE JOURNAL ENTRY. (10 POINTS) Priva Corporation acquired 100 percent of Sheldon Company stock on lanuary 1,2022 for $1,018,600 Cash. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as of December 31, 2022: Additional Information: 1. On January 1, 2022 the fair market value of Sheldon's assets equaled their book value with the exception of: Inventory - was overvalued by $9,300 (all this inventory was sold during 2022). Building - was undervalued by $76,000 (remaining useful life was estimated to be 5 vears). Land - was by undervalued $48,000. Equipment - was overvalued by $21,500 (remaining useful life was estimated to be 10 years). The new Goodwill from the acquisition wos impoired by $21,680 at year-end. 2. Priva Corporation uses the (full) equity method to account for its Investment in Sheldon Company. 3. The general ledger numbers given above (HINT: those in boldface) include the effects of the JOURNAL ENTRIES that were recorded by Priya at the acquisition date and during 2022 to account for its investment in Sheldon Company. These boldface figures should be used a check figures in your solution. e. Prepare the consolidation worksheet for the period ended December 31, 2022. (1B POINTS) c. Using vour information from b. above, calculate the 12/31/22 balances for Priya Company's Investment in Sheldon and Income from Sheldon accounts. Use the T accounts provided below. Use the T accounts provided below. (4 POINTS) d. Prepare the 3 REQUIRED CONSOLIDATION WORKSHEET ENTRIES (BCE, AEVRE, \& EVRE) at December 31, 2022. (28 POINTS) IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWERS, BE SURE TO CLEARLY SHOW ALL OF YOUR CALCULATIONS. BASIC CONSOLIDATION ENTRY (4 POINTS): AMORTIZATION OF EXCESS VALUE RECLASSIFICATION ENTRY \{12 POINTS\}: (REMAINING) EXCESS VALUE RECLASSIFICATION ENTRY (12 POINTS)