Exam 1) ACB, Inc. issued 35,000 shares of its $20 FMV stock for 75% of Pelousy Co. 1/1/19 Trial Balance 12/31/2019 ACB, Inc. Pelousy Co. Pelousy Co. Trial Balance 1/1/2019 Pelousy Co. Appraised FMVS 1/1/2019 Life 47,000 100,000 60,000 40,000 60,000 41,000 63,000 1 139,500 75,000 150,000 728,125 60,000 1,200,000 (176,000) 140,000 (68,000) 80,000 400,000 20 50,000 400,000 (67,500) 150,000 (54,000) 32,000 50,000 400,000 (50,000) 150,000 (30,000) 40,000 150,000 5 5 1 50,000 30,000 2 (80,000) Cash |A/R Inventory Invest-Pelousy Land Buildings A/D Bldg Equipment A/D Equip Patent Favorable purchase contract Goodwill Current Liabilities Bonds Payable Stock-$1 par APIC R/E Sales COGS Depre - Build Depre - Equip Other Expense Interest Expense Income from Sub Dividends (20,000) (205,000) 1 5 40,000 (20,000) (200,000) (100,000) (200,000) (180,000) (95,000) (1,405,000) (400,000) (700,000) 380,000 10,000 7,000 50,000 40,000 (40,000) (200,000) (100,000) (200,000) (180,000) (400,000) 210,000 17,500 24,000 85,000 16,000 (35,625) 20,000 10,000 Prepare a consolidation worksheet as of 12/31/19. Prepare consolidated financial statements in good form forACB, Inc. as of 12/31/19 and for the year then ended. Don't worry about the statement of cash flows