Consolidation at the end of the first year subsequent to date of acquisition-Cost method (purchase price equals book value) Assume that the parent company acquires its subsidiary on January 1, 2016, by exchanging 31,500 shares of its $1 par value Common Stock, with a market value on the acquisition date of $48 per share, for all of the outstanding voting shares of the acquiree. You have been charged with preparing the consolidation of these two companies at the end of the first year. On the acquisition date, all of the subsidiary's assets and liabilities had fair values equaling their book values. The parent uses the cost method of preconsolidation Equity investment bookkeeping. Following are financial statements of the parent and its subsidiary for the year ended December 31 , 2016. a. Prepare the journal entry to record the acquisition of the subsidiary. b. Prepare the consolidation entries for the year ended December 31, 2016. c. Prepare the consolidated spreadsheet for the year ended December 31, 2016. If no consolidation entry is necessary for a particular step (i.e. ADJ, C, or E), select "No entry" as your answers for the journal descriptions. Hint: Some eliminating entries may not be necessary. If so, leave them blank. Use negative signs with answers in the Consolidated column for Cost of goods sold,_eperating expenses and Dividends