BUCCANEER CO. OBTAINED ALL OF THE COMMON STOCK OF DOLPHIN CO. ON JANUARY 1, 2023 AND DOLPHINE WAS NOT LIQUIDATED. AS OF THAT DATE, DOLPHIN CO. HAD THE FOLLOWING TRIAL BALANCE:

DEBITCREDITACCOUNTS PAYABLE 245,000ACCOUNTS RECEIVABLE175,000 ADDITIONAL PAID IN CAPITAL 150,000BUILDING-NET (50 YEAR LIFE)350,000 CASH225,000 COMMON STOCK 300,000EQUIPMENT-NET (10 YEAR LIFE)410,000 INVENTORY265,000 LAND145,000 LONG-TERM LIABILITIES 325,000RETAINED EARNINGS, 1/1/2023 605,000SUPPLIES INVENTORY55,000 TOTALS1,625,0001,625,000

ANY EXCESS OF COST OVER FAIR MARKET VALUE IS DUE TO AN UNAMORTIZED PATENT TO BE AMORTIZED OVER 10 YEARS. (NOTE: THERE IS NO GOODWILL)

DURING 2023, DOLPHIN REPORTED NET INCOME OF $156,000 WHILE PAYING DIVIDENDS OF $42,000. ASSUME THAT BUCCANEER CO. ACQUIRED THE COMMON STOCK OF DOLPHINE CO. FOR $1,300,000 IN CASH. AS OF JANUARY 1, 2023, DOLPHIN'S LAND HAD A FAIR VALUE OF $180,000, ITS BUILDINGS HAD A FAIR VALUE OF $480,000, AND ITS EQUIPMENT HAD A FAIR VALUE OF $380,000. BUCCANEER DECIDED TO USE THE EQUITY METHOD OF ACCOUNTING FOR THIS INVESTMENT ON ITS BOOKS.

1-PREPARE A SCHEDULE SHOWING THE BREAKDOWN OF THE PURCHASE PRICE AND ANNUAL AMORTIZATION

2-PREPARE THE FIVE CONSOLIDATION WORKSHEET ENTRIES (SAIDE) FOR DECEMBER 31, 2023.