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Pett Corporation acquired 70% ownership of Sand Company on January 1, 2018, for $3.027.500. Pett used equity method in accounting for its investment in Sand. The trial balances for the two companies on December 31, 2018, included the following amounts: ITEM PT Pett DEBIT CREDIT $1,400,000 2.830.000 393950 1.600.000 5.000.000 PT Saud DEBIT CREDIT S630.000 1.700.000 2.360,000 600.000 2.750,000 Cash Account Receivable Inventory Land Building and Equipment Investment in Sand Cost of Goods Sold Depreciation Expense Other Expenses Dividend Accumulated Depreciation Account Payable Bond Payable Common Stock Retained Earnings Sales Income from Sand 7.400.000 500.000 1.600.000 6.200.000 300.000 2.000.000 500.000 600.000 2,400,000 1.200.000 2,000,000 5.000.000 6,500,000 10,440,000 1.550.000 900.000 1,400,000 1.000.000 2.000.000 10.190.000 Additional Information: Fair 1. On January 1, 2018, assets and liabilities of Sand Company reported at fair value except: Book Value Fair Value Inventory...... $2,500,000 $2.625.000 Building and Equipment........ $3,000,000 S3.750.000 Bond payable $1,400,000 $1,300,000 The entire differential amount assigned to the inventory already passed through cost of goods sold during the year. The excess value assigned to the Building and Equipment amortized over a 10-year. The deficiency value assigned to the bond payable amortized over a 5-year. 2. At December 31, 2018, Pett's management impaired goochvill for $200,000 Required: 1. Compute the total goodwill at acquisition date. 2. Give the journal entries recorded by Pett during 2018 on its books (supported with the calculation!) 3. Give all eliminating entries needed to prepare a full set of consolidated financial statements for December 31,2018. 4. Prepare a three-part consolidation worksheet as of December 31, 2018 Pett Corporation acquired 70% ownership of Sand Company on January 1, 2018, for $3.027.500. Pett used equity method in accounting for its investment in Sand. The trial balances for the two companies on December 31, 2018, included the following amounts: ITEM PT Pett DEBIT CREDIT $1,400,000 2.830.000 393950 1.600.000 5.000.000 PT Saud DEBIT CREDIT S630.000 1.700.000 2.360,000 600.000 2.750,000 Cash Account Receivable Inventory Land Building and Equipment Investment in Sand Cost of Goods Sold Depreciation Expense Other Expenses Dividend Accumulated Depreciation Account Payable Bond Payable Common Stock Retained Earnings Sales Income from Sand 7.400.000 500.000 1.600.000 6.200.000 300.000 2.000.000 500.000 600.000 2,400,000 1.200.000 2,000,000 5.000.000 6,500,000 10,440,000 1.550.000 900.000 1,400,000 1.000.000 2.000.000 10.190.000 Additional Information: Fair 1. On January 1, 2018, assets and liabilities of Sand Company reported at fair value except: Book Value Fair Value Inventory...... $2,500,000 $2.625.000 Building and Equipment........ $3,000,000 S3.750.000 Bond payable $1,400,000 $1,300,000 The entire differential amount assigned to the inventory already passed through cost of goods sold during the year. The excess value assigned to the Building and Equipment amortized over a 10-year. The deficiency value assigned to the bond payable amortized over a 5-year. 2. At December 31, 2018, Pett's management impaired goochvill for $200,000 Required: 1. Compute the total goodwill at acquisition date. 2. Give the journal entries recorded by Pett during 2018 on its books (supported with the calculation!) 3. Give all eliminating entries needed to prepare a full set of consolidated financial statements for December 31,2018. 4. Prepare a three-part consolidation worksheet as of December 31, 2018