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 subsidiary's 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. Consolidation Worksheet Description [E] Common stock APIC Retained earnings Debit Credit 95,200 0 119,000 0 737,800 0 Equity investment 0 1,241,600 Noncontrolling interest 0 0 (A) PPE, net 0 0 Patent 0 0 Goodwill 0 0 0 Equity investment Noncontrolling interest 0 0 0 0