Home Insert Page Layout Formulas Data Review View Help Calibri 11 A A == Wap Text General Lb 8 BIU-0.0.A . Merge & Center $ % & and Font Alignment Number UTOSAVE TURNED OFF This workbook contains features that prevent it from using AutoSave. Please save your workbook manually Insert Delete Format Conditional Formatas Cell Formatting Table Styles NE D L L E F G H I J K L DO ALL WORK PROB 1 TAB 1 on Parts a., b., C., d., AS INDICATED ON "REQUIRED" in spaces provided below DO ALL WORK for Parts e. &f. on PROB 1 TAB 2 . Hillary Corp. acquired all the outstanding common stock of Bill Inc. on January 1, 2019. Bilinc's book value was $1,800,000 at the time. Hillary Corp issued 60,000 shares of its common stock having a par value of $5 per share and a fair value of $36 per share to execute this transaction. Bill Inc. will remain in existence and continue to operate. Hillary was willing to pay this level of consideration because it felt that buildings (ten-year life) were undervalued on Bill's records by $100,000 and equipment (eight-year life) was undervalued by $120,000. Any remaining consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Hillary Comp.incurred $50,000 legal expenses and 522,000 stock Issuance costs in executing this transaction. At the time of this transaction Hillary Corp advanced $100,000 to Bill Inc. Bill Inc. had not paid back the advance as of December 31, 2019. For the year ended December 31, 2019 Bill Inc. reported net income of $260,000 and paid dividends of $80,000 to its shareholders. REQUIRED: a. Prepare the journal entry to record Hillary Corp's acquisition of Billing on 1/1/2019. Answer in space provided PROB 1_TAB_1 space'a."below b. Prepare an Fair Value Allocation of Purchase Price Schedule for Hillary Corp.'s acquition of Hill Inc. Answer in space provided PROB 1_TAB_1 space "b." below c. Prepare an Excess Amortization Schedule for this acquition as of 1/1/2019. Answer in space provided PROB 1_TAB_1 space "c."below d. Complete an analysis of Hillary Corp.'s Investment in Bill Inc. for the period 1/1/2019 to 12/31/2019. Answer in the space provided PROB1_TAB_1 spaced." below e. Prepare ALL Consolidation Worksheet Entries S, A, I, D, E & Pfor year ending December 31, 2019 for Hillary Corp. and Bill Inc.. Answer PROB 1_TAB_2 All entries should be labeled appropriately and should have explanations for the purpose of each entry f. Complete the Consolidation Worksheet to Consolidate the statements of Hillary Corp. and Billinc, using the space provided on the tab PROB 1 TAB 2 SUMMARY PROB 1 TAB 1 PROB LTAB2 PROB_1_EX CREDIT PROB_2_IMPAIRMENT PROB.3.CONTINGENCY PAYMENT PROS_4.NCIA PF Type here to search OR E 16. e o P X Home Insert Page Layout Formulas Data Review View Help Calibri 11 A A == Wap Text General Lb 8 BIU-0.0.A . Merge & Center $ % & and Font Alignment Number UTOSAVE TURNED OFF This workbook contains features that prevent it from using AutoSave. Please save your workbook manually Insert Delete Format Conditional Formatas Cell Formatting Table Styles NE D L L E F G H I J K L DO ALL WORK PROB 1 TAB 1 on Parts a., b., C., d., AS INDICATED ON "REQUIRED" in spaces provided below DO ALL WORK for Parts e. &f. on PROB 1 TAB 2 . Hillary Corp. acquired all the outstanding common stock of Bill Inc. on January 1, 2019. Bilinc's book value was $1,800,000 at the time. Hillary Corp issued 60,000 shares of its common stock having a par value of $5 per share and a fair value of $36 per share to execute this transaction. Bill Inc. will remain in existence and continue to operate. Hillary was willing to pay this level of consideration because it felt that buildings (ten-year life) were undervalued on Bill's records by $100,000 and equipment (eight-year life) was undervalued by $120,000. Any remaining consideration transferred over fair value of identified net assets acquired is assigned to goodwill. Hillary Comp.incurred $50,000 legal expenses and 522,000 stock Issuance costs in executing this transaction. At the time of this transaction Hillary Corp advanced $100,000 to Bill Inc. Bill Inc. had not paid back the advance as of December 31, 2019. For the year ended December 31, 2019 Bill Inc. reported net income of $260,000 and paid dividends of $80,000 to its shareholders. REQUIRED: a. Prepare the journal entry to record Hillary Corp's acquisition of Billing on 1/1/2019. Answer in space provided PROB 1_TAB_1 space'a."below b. Prepare an Fair Value Allocation of Purchase Price Schedule for Hillary Corp.'s acquition of Hill Inc. Answer in space provided PROB 1_TAB_1 space "b." below c. Prepare an Excess Amortization Schedule for this acquition as of 1/1/2019. Answer in space provided PROB 1_TAB_1 space "c."below d. Complete an analysis of Hillary Corp.'s Investment in Bill Inc. for the period 1/1/2019 to 12/31/2019. Answer in the space provided PROB1_TAB_1 spaced." below e. Prepare ALL Consolidation Worksheet Entries S, A, I, D, E & Pfor year ending December 31, 2019 for Hillary Corp. and Bill Inc.. Answer PROB 1_TAB_2 All entries should be labeled appropriately and should have explanations for the purpose of each entry f. Complete the Consolidation Worksheet to Consolidate the statements of Hillary Corp. and Billinc, using the space provided on the tab PROB 1 TAB 2 SUMMARY PROB 1 TAB 1 PROB LTAB2 PROB_1_EX CREDIT PROB_2_IMPAIRMENT PROB.3.CONTINGENCY PAYMENT PROS_4.NCIA PF Type here to search OR E 16. e o P X