Chegg Study Textbook Solutions Expert Q&A Study Pack Practice 75% $450,000 Parlez Company acquired of the common stock of Says Company January 1, year one, for The consideration given was proportional to Says' fair value On that date, Says had the following trial balance account debit credit Additional paid in capital $100,000 Building (12-year life) $250,000 Common stock 170,000 Current assets 170,000 Equipment (6-yr life) 160,000 Land 110,000 Liabilities (due in 4 years) 300,000 Retained earnings 1/year 1 120,000 Totals $690,000 $690,000 During year one, Says reported net income of $60,000 During year one, Says paid dividends of $30,000 During year two, Says reported net income of $80,000 During year two, Says paid dividends of $40,000 On January 1, year one, some of Says' assets have the following fair values: Land $122,000 Building $262.000 Equipment $172,000 There was no impairment of any goodwill arising from the acquisition Please indicate clearly which method you choose for Parlez to use to account for its acquisition of Says Company. Parta. Use the data for the Parlez Company acquisition of the Says Company to prepare the consolidation entries for December 31 of year one. For clarity, use the entry labels like S, A, I and so on. Part b. Use the data for the Parlez Company acquisition of the Says Company to prepare the consolidation entries for December 31 of year two Show transcribed image text Expert