On December 31, 20X4, Puzzle Corporation acquired 90 percent of Sunday Inc.'s common stock for $864,000. At that date, the fair value of the noncontrolling interest was $96,000. Of the $240,000 differential, $5,000 related to the increased value of Sunday's inventory, $75,000 related to the increased value of its land, $60,000 related to the increased value of its equipment, and $50,000 was associated with a change in the value of its notes payable due to increasing interest rates. Sunday's equipment had a remaining life of 15 years from the date of combination. Sunday sold all inventory it held at the end of 20X4 during 20X5; the land to which the differential related also was sold during the year for a large gain. The amortization of the differential relating to Sunday's notes payable was $7,500 for 20X5. At the date of combination, Puzzle reported retained earnings of $120,000, common stock outstanding of $500,000, and premium on common stock of $100,000. For the year 20x5, it reported net income of $150,000 but paid no dividends. Puzzle accounts for its investment in Sunday using the equity method. Present all consolidation entries that would have been included in the worksheet to prepare a full set of consolidated financial atements for the year 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account eld.) view transaction list X Record the basic consolidation entry. Record the amortized excess value reclassification entry. Record the excess value (differential) reclassification entry. b. Present all consolidation entries that would have been included in the worksheet to prepare a full set of consolidated financial statements for the year 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Entry Accounts Debit Credit A 1 500,000 120,000 Common stock Income from Sunday Inc. Retained earnings NCI in Nl of Sunday Inc. Premium on common stock Investment in Sunday Inc. NCI in NA of Sunday Inc. 100,000 B 2 5.000 75,000 Cost of goods sold Gain on sale of land Accumulated depreciation Accumulated depreciation Income from Sunday Inc. NCI in Nl of Sunday Inc. x 3 Equipment Goodwill 60,000 50,000 4,000 Discount on notes payable Accumulated depreciation Investment in Sunday Inc. NCI in NA of Sunday Inc