Galvin Company purchased 100% of the outstanding stock of Goldberg, Inc., on January 1, 2023, for a purchase price of $1,250,000. At the acquisition date, Goldberg's book value consisted of common stock of $550,000 and retained earnings of $450,000. Galvin attributed the cost over book to a trademark with an estimated 20-year remaining useful life. Galvin uses the equity method to account for its investment in Goldberg. During the next two years, Goldberg reported the following: Goldberg sells inventory to Galvin after a markup based on a gross profit rate. At the end of 2023 and 2024, 40 percent of the current year's purchases remain in Galvin's inventory. REQUIRED Create an Excel spreadsheet that computes the following: 1. Investment in Goldberg, Inc. account as of December 31, 2024. 2. Worksheet adjustments (consolidation journal entries) for the December 31, 2024, consolidation of Galvin and Goldberg. Your solution should be formulated so that Goldberg's gross profit rate on sales to Galvin is treated as a variable (this requires the use of formulas in your Excel spreadsheet!). Most amounts should be formula-driven so that when you change the gross profit rate (or any other variable), all other numbers update, including the equity income, balance in the investment account, and amount of the worksheet adjustments. Use formulas everywhere you reasonably can. Consolidation Project - Excel Case Study - Guide - The amounts labeled "given" are provided in the case study a - The cells labeled "formula" should include formulas. They cal calculation of Equity in Goldberg Earnings. That formula is just ; be more complicated and include references to other cells and consolidation entries that will calculate whether the investmer Galvin Company purchased 100% of the outstanding stock of Goldberg, Inc., on January 1, 2023, for a purchase price of $1,250,000. At the acquisition date, Goldberg's book value consisted of common stock of $550,000 and retained earnings of $450,000. Galvin attributed the cost over book to a trademark with an estimated 20-year remaining useful life. Galvin uses the equity method to account for its investment in Goldberg. During the next two years, Goldberg reported the following: Goldberg sells inventory to Galvin after a markup based on a gross profit rate. At the end of 2023 and 2024, 40 percent of the current year's purchases remain in Galvin's inventory. REQUIRED Create an Excel spreadsheet that computes the following: 1. Investment in Goldberg, Inc. account as of December 31, 2024. 2. Worksheet adjustments (consolidation journal entries) for the December 31, 2024, consolidation of Galvin and Goldberg. Your solution should be formulated so that Goldberg's gross profit rate on sales to Galvin is treated as a variable (this requires the use of formulas in your Excel spreadsheet!). Most amounts should be formula-driven so that when you change the gross profit rate (or any other variable), all other numbers update, including the equity income, balance in the investment account, and amount of the worksheet adjustments. Use formulas everywhere you reasonably can. Consolidation Project - Excel Case Study - Guide - The amounts labeled "given" are provided in the case study a - The cells labeled "formula" should include formulas. They cal calculation of Equity in Goldberg Earnings. That formula is just ; be more complicated and include references to other cells and consolidation entries that will calculate whether the investmer