On December 31, 2011, WILLS International purchased 70% of the outstanding common stock of SEMS Chemical. WILLS paid $140,000 for the shares. SEMS had stockholders' equity consisting of capital stock amounting to $20,000 and retained earnings amounting to $80,000. the fair value of all recorded SEMS assets and liabilities equal their book values, with the exception of a equipment ( 5 years) that was overvalued by $10,000, land undervalued by 36,000 . Inventory undervalued by $4000, Any remaining excess fair value was attributed to goodwill. The separate financial statements at December 31 , 2012 appear in the first two columns of the work papers. Required : Complete the consolidation working papers for WILLS and SEMS for the year 2012