E915 Repurchase of Shares by Subsidiary from Nonafliate Plant Advertising Corporation acquired 60 percent of Seed Manufacturing Company's shares on December 31, 20X1, at underlying book value of $180,000. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Seed Manufacturing. Seed's balance sheet on January 1, 20x7, contained the following balances: Cash $ 80,000 Accounts Payable $ 60,000 Accounts Receivable 100,000 Bonds Payable 240,000 Inventory 160,000 Common Stock 100,000 Buildings & Equipment 700,000 Additional Paid-In Capital 15 0,000 Less: Accumulated Depreciation (240,000) Retained Earnings 250,000 Total Assets $800,000 Total Liabilities & Equities $800,000 On January 1, 20x7, Seed purchased 2,000 of its own $10 par value common shares from Nonafliated Corporation for $42 per share. Required :1. Compute the change in the book value of the parent's equity as a result of the repurchase of shares by Seed Manufacturing. b. Give the entry to be recorded on Plant Advertising's books to recognize the change in the book value of the shares it holds. 6.. Give the consolidation entry needed in preparing a consolidated balance sheet immediately following the purchase of shares by Seed