Consolidated Workpaper: Two Cases The two following separate cases show the financial position of a parent company and its subsidiary company on November 30, 2011, just after the parent had purchased 90% of the subsidiarys stock:

A. Prepare a November 30, 2011, consolidated balance sheet workpaper for each of the foregoing cases. In Case I, any difference between book value of equity and the value implied by the purchase price relates to subsidiary long-term assets. In Case II, assume that any excess of book value over the value implied by purchase price is due to overvalued long-term assets

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B. Assume that Company Ss balance sheet is the same as the balance sheet used in Case I (from part A). Suppose that there were 50,000 shares of S Company common stock outstanding and that Company P acquired 90% of the shares for $4.50 a share. Shortly after acquisition, the noncontrolling shares were selling for $4.25 a share. Prepare a computation and allocation of difference schedule considering this information.

help me with part B pls

Case 1 Case II P Company S Company P Company S Company $260,000 $280,000 Current assets Investment in S Company Long-term assets Other assets Total $ 880,000 190,000 1,400,000 90,000 $2,560,000 400,000 40,000 $700,000 $ 780,000 190,000 1,200,000 70,000 $2,240,000 400,000 70,000 $750,000 Current liabilities Long-term liabilities Common stock Retained earnings Total $ 640,000 850,000 600,000 470,000 $2,560,000 $270,000 290,000 180,000 (40,000) $700,000 $ 700,000 920,000 600,000 20,000 $2,240,000 $260,000 270,000 180,000 40,000 $750,000