Explain the process to the class in your own words and then show us your work, worksheets, and entries

Comprehensive Illustration (Estimated Time: 60 to 75 Minutes) On January 1, 2017, Father Company acquired an 80 percent interest in Sun Company for $425,000. The acquisition-date fair value of the 20 percent noncontrolling interest's ownership shares was $102,500. Also as of that date, Sun reported total stockholders' equity of $400,000: $100,000 in common stock and $300,000 in retained earnings. In setting the acquisition price, Father appraised four accounts at values different from the balances reported within Sun's financial records. Problem Buildings (8-year remaining life) Land Equipment (5-year remaining life) Royalty agreement (20-year remaining life). Undervalued by $20,000 Undervalued by $50,000 Undervalued by $12,500 Not recorded, valued at $30,000 page 189 As of December 31, 2021, the trial balances of these two companies are as follows: Father Company Sun Company Debits Current assets Investment in Sun Company Land... Buildings (net) Equipment (net). Expenses Dividends declared. Total debits $ 605,000 425,000 200,000 640,000 380,000 550,000 90,000 $2,890,000 $ 280,000 -O- 300,000 290,000 160,000 190,000 20,000 $1,240.000 Credits Liabilities $ 300,000 100,000 Common stock Retained earnings, 1/1/21 Revenues Dividend income Total credits $ 910,000 480.000 704,000 780,000 16,000 $2,890,000 480,000 360,000 -0 $1,240,000 Included in these figures is a $20,000 payable that Sun owes to the parent company. No goodwill impairments have occurred since the Sun Company acquisition. Required a. Determine consolidated totals for Father Company and Sun Company for the year 2021. b. Prepare worksheet entries to consolidate the trial balances of Father Company and Sun Company for the year 2021. c. Assume instead that the acquisition-date fair value of the noncontrolling interest was $104,500. What balances in the December 31, 2021, consolidated statements would change