consolidating entries prepare the consoildating worksheet

Consolidating Entries Consolidated Totals Debit Credit Alpha Debit Credit 325,000.00 110,000.00 Bravo Debit Credit 50,000.00 65,000.00 85,000.00 300,000.00 40,000.00 150,000.00 1 2 3 4 Cash 5 Accounts Receivable 6 Investment 7 Inventory 8 PPE (Net) 9 Goodwill 10 Intangibles 11 Accounts Payable 12 Notes Payable 13 Common Stock 14 Additional Paid in Capital 15 Retained Earnings 16 12 18 150,000.00 200,000.00 130,000.00 240,000.00 100,000.00 820,000.00 SO,000.00 150,000.00 10.000.00 10.000.00 55.000.00 305.000.00 820,000.00 305,000.00 On January 1, 2021, Alpha Company acquired an 80% interest in Bravo Company. Alpha paid $250,000 cash to make this acquisition. The financial information for both companies immediately prior to the investment is presented below: Alpha Book Bravo Book Bravo Fair Cash $325,000 $50,000 $50,000 $110,000 Accts. Rec $65,000 $65,000 Inventory $85,000 $40,000 $40,000 PPE $300,000 $150,000 $200,000 (5 year life) Intangibles $0 $0 $15,000 (15 year life) Total Assets $820,000 $305,000 $370,000 Accts Pay $150,000 $50,000 $50,000 $200,000 Notes Pay $150,000 $150,000 Totalish $350.000 $200,000 $200,000 Com. Stk 130,000 40,000 APIC 240,000 10,000 Ret. Earn 100,000 55,000 Total Eq $470,000 105,000 1. Use the following information to make Alpha's parent company entries as well as all consolidating entries for the year (use the simple equity method, then the sophisticated equity method and then the cost method, you should have 3 separate sets of entries): During the year, operations information is as follows: Alpha $250,000 Bravo $100,000 Revenues COGS $80,000 40,000 $45,000 $20,000 Operating Expenses AAN COGS $80,000 40,000 Operating Expenses $45,000 $20,000 Dividends Paid $0 $5,000 Included in the numbers above are the following intra-entity sales: Intercompany sales during the year totaled $45,000. The inventory initially cost $30,000. As of the end of the year, $10,000 of the inventory remains unsold. ALPHA PARENT COMPANY ENTRIES: CONSOLIDATING ENTRIES: 2. Prepare the consolidating worksheet (the excel template is included for you in the assignment dropbox)