Consolidation on date of acquisition-Equity method with noncontrolling interest and AAP Assume that a parent company acquires an 70% interest in its subsidiary for a purchase price of $1, 078,000. 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 is worth $100,000 more than its book value, an unrecorded patent that the parent valued at $200,000, and Good-will of $300,000. There is no control premium, so goodwill is assigned proportionally to the controlling and noncontrolling interests. The parent and the subsidiary report the following pre-consolidation balance sheets on the acquisition date: a. Prepare the consolidation entries on the acquisition date. b. Prepare the consolidation spreadsheet on the acquisition date