Note Parentheses indicate a credit balance: Piesidio's appraisal of Mason's far values deemed three accounts to be undervalued: inventory by $7,650, Land by $28,800, and Buildings by $37,000. Presidio plans to mairtain Mason's separate legalidentify and to operate Mason as a wholly owned subsidiary. Required: a. Prepare Presidios joumal entries to record its acquistion of Mason, related professional fees paid, and stock acquisition costs: b. Separately determine each indinduaf omount that Presidio Company would report in is consolidated balance sheet following the acquisition of Mason Include in Presidio's retained earnings any adjustments to income accounts from part (a) c. To verify the answers found in part (b), adjust Presidio's column of accounts for the journal entrits in part (a) and then prenare. wotkineer to consolidate the batance sheets of these two componies at the ocquisition date Camplete this question by entering your nnswers in the tabs below. Separately determine each individual amount that Presidio Company would report in its consolidated balance sheet following the acquisition of Mason. Include in Presidio's retained earnings any adfuntments to income accounts from part (a): Note: Input all amounts as positive values. On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason Company To acquire these shares, Presidio issued to the owners of Mason $313,000 in long-term labilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Presidio paid $23,000 to accountants, lawyers, and brokers for assistance in acquisition and another $8,000 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Note: Parentheses indicale a credit balance. Pequired: \begin{tabular}{|l|l|l|l|l|l|} \hline \end{tabular} Requitred B Note Parentheses indicate a credit balance: Piesidio's appraisal of Mason's far values deemed three accounts to be undervalued: inventory by $7,650, Land by $28,800, and Buildings by $37,000. Presidio plans to mairtain Mason's separate legalidentify and to operate Mason as a wholly owned subsidiary. Required: a. Prepare Presidios joumal entries to record its acquistion of Mason, related professional fees paid, and stock acquisition costs: b. Separately determine each indinduaf omount that Presidio Company would report in is consolidated balance sheet following the acquisition of Mason Include in Presidio's retained earnings any adjustments to income accounts from part (a) c. To verify the answers found in part (b), adjust Presidio's column of accounts for the journal entrits in part (a) and then prenare. wotkineer to consolidate the batance sheets of these two componies at the ocquisition date Camplete this question by entering your nnswers in the tabs below. Separately determine each individual amount that Presidio Company would report in its consolidated balance sheet following the acquisition of Mason. Include in Presidio's retained earnings any adfuntments to income accounts from part (a): Note: Input all amounts as positive values. On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason Company To acquire these shares, Presidio issued to the owners of Mason $313,000 in long-term labilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Presidio paid $23,000 to accountants, lawyers, and brokers for assistance in acquisition and another $8,000 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Note: Parentheses indicale a credit balance. Pequired: \begin{tabular}{|l|l|l|l|l|l|} \hline \end{tabular} Requitred B
