Investment in Secret Co. Acquisition Price 49,200 34,200 15,000 0 Basic Excess Reclass. b. Journal entries used to record transactions, adjust account balances, and close income and revenue accounts at the end of the period are recorded in the company's books and change the reported balances. On the other hand, consolidating entries are entered only in the consolidation worksheet to facilitate the preparation of consolidated financial statements. As a result, they do not change the balances recorded in the company's accounts and must be reentered each time a consolidation worksheet is prepared. E5-4 Computation of Consolidated Balances a. Inventory b. Land c. Buildings and Equipment d. Fair value of consideration given by Prize Fair value of noncontrolling interest Total fair value Book value of Statues net assets Fair value increment for: Inventory Land Buildings and equipment (net) Fair value of identifiable net assets Goodwill $450,000 20,000 (10,000) 70,000 $140,000 $ 60,000 $550,000 $470,000 117,500 $587,500 (530,000) $ 57,500 $117,500 e. Investment in Statue Corporation: None would be reported; the balance in the investment account is eliminated. f. Noncontrolling Interest = FV of the NCI