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Reque Prepare a consolidate of Nofail by issuing the preferred 1024,39 to that one two compra mbling casino simpletown E3-10 her Company to build a new low a local bank loaned $140.00 Gambledown Corporates were relatives130,000,000. Conservative purchase E3-10 LO 34,37 A o Reporting for a Variable interest Entity Gamble Company convinced Conservative Corporation the fish Simpletown Corporation to build a new gambling casino chances for the casino's success were relatively low, a local bank corporation, which built the casino at a cost of $130,000,000. Conser pohy mble also guaranteed a 20 percent receive al profil mediately after the casino's construction, affering for $5.000.000, and Gamble agreed to the management and guarantee the bank loan. Gamble also Conservative on its investment for the first 10 years, Gamble will received 20 percent return to Conservative. Immediately after the casino's the following amounts: Cash Buildings & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings $ 3,000,000 240,600,000 10,100,000 5,000,000 20,300,000 103,000,000 105,200,000 The only disclosure that Gamble currently provides in its financial reports about it Conservative and Simpletown is a brief footnote indicating that a contingent ban guarantee of Simpletown Corporation's debt. Required Prepare a consolidated balance sheet in good form for Gamble immediately too construction 10 34,32 3-11 Consolidation of a Variable interest Entity Teal Corporation is the primary beneficiary of 11 5500,000, liabilities of LO 35 P226 Consolidated (Equity Method) Peanut Company acquired 90 percent of Snoopy $270.000 on January 1. 20X8, when the book value os Peanut uses the equity method to account for me Snoopy as of January 1, 20X are as follows Soy Corps of Socy's vestments. Tra Advanced Study Guide 55.000 Assets Cash Accounts Receivable Inventory investment in Snoopy Stock Land Buildings & Equipment Accumulated Depreciation Total Assets Liabilities & Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 50.000 100.000 270.000 225.000 700.000 400.000 1.000.000 75.000 200.000 500.000 225.000 1.000.000 Required Prepare the journal entry on Peanut's books for the acquisition of Snoops b. Prepare a consolidation worksheet on the acquisition date, January 12 c. Prepare a consolidated balance sheet on the acquisition date, January 1, 2013