E5-6 Prepare and complete a consolidated balance sheet worksheet. Majority-Owned Subsidiary Acquired at Higher than Book Value Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20X4, for $102,200. The fair value of the noncontrolling interest at that do was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Scholar Corporation $ 21,000 44,000 75,000 30,000 250,000 (80,000) Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Scholar Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Professor Corporation $ 50,300 90,000 130,000 60,000 410,000 (150,000) 102,200 $692,500 $152,500 250,000 80,000 210,000 $692,500 $340,000 $ 35,000 180,000 40,000 85,000 $340,000 216 Chapter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Book Value assets and a ve of $81.00 dan equal amor At the date of the business combination, the book values of Scholar's assets an approximated fair value except for inventory, which had a fair value of Sai buildings and equipment, which had a fair value of $185,000. At December 31 Professor reported accounts payable of $12,500 to Scholar, which reported an eg in its accounts receivable. Required a. Give the consolidation entry or entries needed to prepare a consolidated balance shes diately following the business combination. b. Prepare a consolidated balance sheet worksheet. c. Prepare a consolidated balance sheet in good form. balance sheet imme E5-6 Prepare and complete a consolidated balance sheet worksheet. Majority-Owned Subsidiary Acquired at Higher than Book Value Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20X4, for $102,200. The fair value of the noncontrolling interest at that do was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Scholar Corporation $ 21,000 44,000 75,000 30,000 250,000 (80,000) Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Scholar Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Professor Corporation $ 50,300 90,000 130,000 60,000 410,000 (150,000) 102,200 $692,500 $152,500 250,000 80,000 210,000 $692,500 $340,000 $ 35,000 180,000 40,000 85,000 $340,000 216 Chapter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Book Value assets and a ve of $81.00 dan equal amor At the date of the business combination, the book values of Scholar's assets an approximated fair value except for inventory, which had a fair value of Sai buildings and equipment, which had a fair value of $185,000. At December 31 Professor reported accounts payable of $12,500 to Scholar, which reported an eg in its accounts receivable. Required a. Give the consolidation entry or entries needed to prepare a consolidated balance shes diately following the business combination. b. Prepare a consolidated balance sheet worksheet. c. Prepare a consolidated balance sheet in good form. balance sheet imme