On 1 January 2023, Bland Company acquired 75% of the outstanding common stock of Tasty, Inc, in exchange for $843,750 cash. As of the acquisition date, Bland estimated Tastys total fair value to be $1,125,000, which includes the noncontrolling interest. Tastys book value at the time of acquisition was $690,000.

Three items on Tastys books were identified to have fair values different from their book values. The amounts are on the spreadsheet along with 31 December 2023 balances for both companies.

Bland uses the equity method to account for its investment in Tasty. There were no intra-entity receivables or payables outstanding at year-end.

Required: Prepare the consolidation worksheet for Bland and Tasty for 2023 in the spreadsheet. Use formulas as much as possible. Include the following:

1. Reconciliation of fair value to book value acquired.

\begin{tabular}{|l|r|r|r|r||} \hline & Book value & Fair value & \\ \hline Trade names, indefinite life & 360,000 & 383,000 & 23,000.00 \\ \hline Property and equipment, 8 year remaining life & 290,000 & 330,000 & 40,000.00 \\ \hline Patent, 14 year remaining life & 132,000 & 272,000 & 140,000.00 \\ \hline Total identifiable excess of fair over book value & & & 203,000.00 \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}