Consolidation on date of acquisition - Equity method with noncontrolling interest and AAP Assume that a parent company acquires an 80% interest in its subsidiary for a purchase price of $3,724,800. The excess of the total fair value of the controlling and noncontrolling interests over the book value of the subsidiarys Stockholders Equity is assigned to a building (in PPE, net) that the parent believes is worth $100,000 more than its book value, an: unrecorded Patent that the parent valued at $200,000, and Goodwill of $300,000, 80% of which is allocated to the parent. The parent and the subsidiary report the balance sheets on the acquisition date in b. below:

a. Prepare the consolidation entries on the acquisition date.

Debit Credit

Common Stock ??? ----

APIC ??? ----

Retained Earnings ??? ----

Equity Investment ----- ???

Non controlling Interest ----- ???

PPE, Net ??? ----

Patent ??? ----

Goodwill ??? ----

Equity Investment ----- ???

Non controlling Interest ----- ???