I need help/solutions with exercise 3 of chapter 3 for advanced financial accounting 12th edition by fischer. Parker company acquires an 80% interest in Sargent Company for $300,000 in cash on January 1, 2015, when Sargent Company has the following balance sheet

Current Assets of 100,000, Deprciable fixed assets of 200,000 for total assets of 300,000

current liabilities of 50,000 common stock of 100,000, RE of 150,000, for total liabilities and equity of 300,000

the price over book value is attributable to the fixed assets, which have a fair value of 250,000 and to goodwill. The fixed assets have a 10 year life.

Trial balance of two companys

Curerent assets: Parker 10,000 Sargeant 130,000

Depreciable fixed assets: Parker 400,000 Sargent 200,000

Acc dep: Parker (106,000) Sargent (20,000)

INvestment in Sargent Company: Parker 316,000

Current Liabilties: parkwer (60,000) sargent (40,000)

Common stock par $10: Parker (300,000) Sargent (100,000)

RE: Parker (200,000) Sargent (150,000)

Sales: Parler (150,000) Sargent (100,000)

Expenses: Parker 110,000 Sargent 75,000

Subsidiary Income: Parker (20,000)

Dividends declared: Sargent 5,000

Required for problem: Prepare determination and distribution of excess schedule, prepare all eliminations and adjustments , prepare consolidated income statement, statement of RE, and balance sheet