fill out the consolidation spreadsheet with a step-by-step and explanation for each step

Section III: Consolidation Worksheets On January 1, 2019, Rand Corp. acquired all of the outstanding common stock of Spaulding, Inc., for $240,000 by issuing 12,000 shares of its $1-par common stock with a fair value of $20 per share. On that day, the accounting and finance team at Rand Corp. determined that the fair value of the assets and liabilities of Spaulding, Inc., and the useful lives of the assets are as follows: Spaulding, Inc. January 1,2019 The executive team of Rand Corp. has maintained Spaulding, Inc., as a separate legal company with its own accounting department. On December 31,2021 , the respective accounting departments submit the financial statement information for the year found on the following page. Assume that 1. Rand Corp. applies the equity method of accounting for its investment in Spaulding, Inc, and 2. It is more likely than not than no assets with indefinite useful lives are impaired as of December 31, 2019; as of December 31, 2020; and as of December 31, 2021. For its financial statements on December 31,2021, the accountants at Rand Corp, create the following consolidation spreadsheet. All credit balances at Rand Corp. and Spaulding, Inc., are enclosed in parentheses: e.R. Revenue of $(638.000) at fand Corb. ACCT-351 Fall 2022 Quiz =2