Midterm E an Layout References Mailings Review View Help Tell me what you want to do New Roma 11AA Aa AaBbcd AaBbCd AaB I Normal 1 No Spac.. Head ab A UA Font Paragraph Mercedes Co. acquired all of the common stock of Tesla Co. on January 1, 2018. As of that date, Tesla had the following trial balance: Book Value Fair Value Current Assets $50,000 $50,000 Land $50,000 $100,000 Buildings (20 years) $200,000 $300,000 Equipment 10 years) $100,000 $80,000 Net Income year ended 12/31/18 $100,000 Dividends year ended 12/31/18 $10,000 Common Stock-Tesla ($10 par value) $50,000 Additional Paid-In Capital (5,000 $250,000 shares outstanding Retained Earnings. 1/1/18 $100,000 Assume that Mercedes Co. acquired the common stock of Tesla for $600,000 in cash. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to goodwill Mercedes is using the equity method for this investment. NOTE: You will get no credit if I can't read your answer (P3) Prepare the S Entry for 12/31/2018 (Write the journal entry, print the name of the account(s) and write the dollar amounts clearly) (Show below all calculations to get full credit) (P3in) Prepare the 1 Entry for 12/31/2018 Write the journal entry, print the name of the account() and write the dollar amounts clearly) (Show below all calculations to get full credit) (P3) Prepare the E Entry for 12/31/2018 (Write the journal entry, print the name of the account() and write the dollar amounts clearly) (Show below all calculations to get full credit) Midterm E an Layout References Mailings Review View Help Tell me what you want to do New Roma 11AA Aa AaBbcd AaBbCd AaB I Normal 1 No Spac.. Head ab A UA Font Paragraph Mercedes Co. acquired all of the common stock of Tesla Co. on January 1, 2018. As of that date, Tesla had the following trial balance: Book Value Fair Value Current Assets $50,000 $50,000 Land $50,000 $100,000 Buildings (20 years) $200,000 $300,000 Equipment 10 years) $100,000 $80,000 Net Income year ended 12/31/18 $100,000 Dividends year ended 12/31/18 $10,000 Common Stock-Tesla ($10 par value) $50,000 Additional Paid-In Capital (5,000 $250,000 shares outstanding Retained Earnings. 1/1/18 $100,000 Assume that Mercedes Co. acquired the common stock of Tesla for $600,000 in cash. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to goodwill Mercedes is using the equity method for this investment. NOTE: You will get no credit if I can't read your answer (P3) Prepare the S Entry for 12/31/2018 (Write the journal entry, print the name of the account(s) and write the dollar amounts clearly) (Show below all calculations to get full credit) (P3in) Prepare the 1 Entry for 12/31/2018 Write the journal entry, print the name of the account() and write the dollar amounts clearly) (Show below all calculations to get full credit) (P3) Prepare the E Entry for 12/31/2018 (Write the journal entry, print the name of the account() and write the dollar amounts clearly) (Show below all calculations to get full credit)