In one document of an Excel format, (1) label one Excel worksheet Entries and Calculations (6 points) to show the calculations for COMPANY B and noncontrolling interest (NCI) a. goodwill allocation between COMPANY B and NCI, b. ending investment balances of COMPANY Bs investment in COMPANY A and NCIs investment in COMPANY A, c. the amount of annual excess amortization and the ending net amount for equipment, d. the allocation of COMPANY As net income to COMPANY B and NCI, e. the allocation of dividends declared by COMPANY A to COMPANY B and NCI and f. deferred and subsequent recognition of gross profit from intra-entity sales for the consolidation entries needed in preparing the consolidation worksheet and (2) label an Excel worksheet, not on the same Entries and Calculations worksheet, Worksheet (12 points) in an Excel format with formulas. The worksheet should follow the examples of consolidation worksheet found in chapter 5 of the textbook with proper title/heading, correct date, and consolidated totals. Points will be lost for consolidated numbers without correct formulas in this Worksheet. Document 2 must be named last name and last name group project fall21. (For example, if the last names of the group members are Apple and Zero, then name Document 2 Apple and Zero group project fall21) (1 point).

Students must use Excel to complete this project and MUST submit it on Blackboard under Semester Projects on or before 11 pm on 10/20/21. Emailing the project to the instructor will not count as submission. No late submissions will be accepted.

On 1/1/Y1, Company B paid $2,400,000 cash to acquired 80% of voting common stock while Company As book value was $1,850,000 and fair market value (FMV) was $3,000,000. Company A has neither issued nor reacquired any its own treasury stock since 1/1/Y1.

All of Company As book value of assets and liabilities were the same as the FMV on 1/1/Y1, except for the patent account, which was undervalued by $700,000 with a five-year remaining life. Separate financial statements for these two companies as of 12/31/Y3 are:

	Company B	Company A
Revenues	$(3,480,000)	$(1,900,000)
Cost of goods sold	1,640,000	1,000,000
Depreciation expense	208,000	170,000
Amortization expense	440,000	240,000
Interest expense	40,000	30,000
Equity in earnings of Company A	(248,000)	0
Net income	$(1,400,000)	$(460,000)
Retained earnings, 1/1/Y3	$(5,600,000)	$(690,000)
Net income	(1,400,000)	(460,000)
Dividends declared	400,000	50,000
Retained earnings, 12/31/Y3	$(6,600,000)	$(1,100,000)
Cash	$1,070,000	$230,000
Accounts receivable	1,150,000	430,000
Inventory	1,980,000	1,600,000
Investment in Company A	2,840,000	0
Buildings and equipment	2,050,000	1,726,000
Patents	1,900,000	214,000
Total assets	$10,990,000	$4,200,000
Accounts payable	$(900,000)	$(400,000)
Notes payable	(1,090,000)	(900,000)
Common stock	(1,800,000)	(1,600,000)
Additional paid-in capital	(600,000)	(200,000)
Retained earnings, 12/31/Y3	(6,600,000)	(1,100,000)
Total liabilities and stockholders equity	$(10,990,000)	$(4,200,000)

Company A regularly sells inventory to Company B as records show below:

Year	Intra-Entity Sales	Ending Inventory at Transfer Price
Y1	$250,000	$160,000
Y2	440,000	250,000
Y3	600,000	320,000

The gross profit percentage for the intra-entity transfers are set as 25%, 28%, and 25% for the three years.

No goodwill impairments from this acquisition have occurred.

Company B loaned $35,000 to Company A for a three-year term on 1/1/Y3.