I need Acc milestone 1 requirements completed the data is attached in Final project Acc file

Final Project Milestone One: Initial Model Part I need done For Milestone One, submit the initial Excel model for the report that shows the consolidation of entries and the final income statement and balance sheet. The milestone will be graded using the rubric below. Requirements of Submission: The project must be in Excel format, using as many calculations in Excel as possible. Critical Elements Accuracy of Entries, Income Statement, and Balance Sheet Effective Use of Excel (macros, formulas) Comments: Exemplary The model is accurate, with no serious errors or omissions (63-70 points) Most items that can be computed are computed with Excel (27-30 points) Proficient The model is generally accurate, but contains a few minor errors (56-62 points) Many items that can be computed are computed with Excel (24-26 points) Needs Improvement The model is fairly accurate, but contains several significant errors (49-55 points) Some items that can be computed are computed with Excel (21-23 points) Not Evident The model contains multiple serious errors or omissions (0-48 points) Few items that can be computed are computed with Excel (0-20 points) Earned Total Value 70 30 100% ACC 690: Final Project Guidelines and Rubric: Overview The final project for this course is the creation of an Excel spreadsheet model that shows the consolidation worksheet, intercompany elimination entries, other consolidation entries, and the final income statement and balance sheet for a sample parent and subsidiary company. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be sub mitted in Modules Four, Seven, and Nine. Assume the following when completing the project: Assume that the parent owned the subsidiary for the entire year for which financial statements are being prepared. The scenario indicates that as of December 31, there is a difference between book value and fair value for inventory and depreciable assets. Assume that these differences existed at the date of acquisition. Record only the differential and do not worry about amortization of the differential. Prepare the consolidation worksheet using the equity method. Assume that the trial balance was prepared prior to any entry the parent company made to record the net loss from the subsidiary. The Model Assignment: Guidelines Students will be given the description of a parent company and a subsidiary company along with the two firms' trial balances at book value as of Decem ber 31, 2012, the end of the year for both firms (see Company Information below). The financial data will be presented in English pounds () as local currency. Other data pertaining to the consolidation is also to be provided. The student will analyze the data for purpose of consolidation. The student will create a useful Excel model that shows the consolidation worksheet, intercompany elimination entries, other consolidation entries, and the final income statement and balance sheet. Using the consolidated financial statements created, students will then use Excel modeling to translate the consolidated income statement and balance sheet from English pounds to U.S. dollars based on exchange rates provided (the U.S. dollar is the functional currency). Requirements: This project should be prepared as a report for your supervisor. The report should be visually pleasing. As many computations as possible should be done by the model with the exception of entering the original financial statement data. The report should utilize \"macros\" and other built-in features found in Excel. Milestones Milestone One: Initial Model In Module Four, you will submit the initial Excel model for the report that shows the consolidation entries and the final income statement and balance sheet. This milestone will be graded using the Final Project Milestone One Rubric. Milestone Two: Model and Exchange Rates In Module Seven, you will translate the consolidated income statement and balance sheet from English pounds to U.S. dollars. This milestone will be graded using the Final Project Milestone Two Rubric. Milestone Three: Final Report In Module Nine, you will submit the final report as an attractive, polished artifact that includes all the main elements of the final product. The report should reflect the incorporation of feedback gained throughout the course. This milestone will be graded using the Final Report Rubric (below). Company Information Below you will find the trial balance for Parent Company and its wholly owned purchase, Subsidiary Company, as of December 31, 2012. The financial statements are denominated in British pounds. Company Accounts Cash Accounts Receivable Inventory Short-Term Investments Prepaid Assets Investment in Subsidiary Long-Term Notes Receivable Debt Service Fund Depreciable Assets Accumulated Depreciation Intangible Assets Current Liabilities Long-Term Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Parent Company Debit Credit 10,000 25,000 30,000 40,000 35,000 290,000 150,000 50,000 900,000 200,000 45,000 Subsidiary Company Debit Credit 4,000 10,000 12,000 6,000 12,000 14,000 350,000 50,000 20,000 92,000 225,000 400,000 482,000 750,000 330,000 100,000 120,000 24,000 44,000 119,000 200,000 50,000 245,000 160,000 45,000 70,000 5,000 Other Important Information: 1. Subsidiary Company's assets and liabilities are all shown at fair value except for: a. The fair value of Inventory is 32,000. b. The fair value of Depreciable Assets is 370,000. 2. Subsidiary company sold Parent Company an item that is in Parent Company's inventory for 10,000 and cost Subsidiary Company 5,000. The sale was made to Parent Company on credit, and no payment has been made. 3. On December 27, 2012, Parent Company made a long-term loan to Subsidiary Company in the amount of 100,000. 4. Subsidiary Company paid Parent Company 7,000 for Consulting Services. Subsidiary Company considers this an Administrative Expense, and Parent Company considers it Sales Revenue. 5. Exchange rates are: March 31, 2012, Exchange Rate: 1 = $1.24 Average Rate for 2012: 1 = $1.22 December 31, 2012, Exchange Rate: 1 = $1.20 Final Report Rubric Requirements of Submission: The project must be in Excel format, using as many calculations in Excel as possible. Critical Elements Analysis of Data Accuracy of Model Effective Use of Excel (Macros, Formulas) Report Design and Layout Comments: Exemplary Well-developed, accurate, and effective analysis of the data for purpose and consolidation The report includes useful, clear models with no errors or omissions Proficient Accurate and effective analysis of the data for purpose and consolidation The report includes useful, clear models with a few minor errors or omissions Needs Improvement Accurate analysis of the data for purpose and consolidation All items that can be computed are computed with Excel Most items that can be computed are computed with Excel Design and layout are generally professional and visually appealing Some items that can be computed are computed with Excel Design and layout are somewhat professional and visually acceptable Design and layout are professional, visually striking, clear, and uncluttered The report includes models with several errors or omissions Not Evident The report does not include an accurate analysis of the data for purpose and consolidation The report contains multiple serious errors or omissions Few items that can be computed are computed with Excel Design and layout are unprofessional Earned Total Value 35 35 15 15 100%