On December 31, 20X8, X Company acquired controlling ownership of Y Company. A consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow:

During 20X8, X Company provided consulting services to Y Company and has not yet paid for them. There were no other receivables or payables between the companies at December 31, 20X8.

1) Based on the information given, what percentage of Y Company's shares were acquired by X Company?

2. Based on the information given, what amount will be reported as total controlling interest in the consolidated balance sheet?

The answers respectively are 80% and $254,000. Can you please show work and show how to get these answers? Thank you.

Answer: Particulars X Company Y ompany Consolidated Entity Cash $30,000 S80,000 S110,000 S7.000 $50,000 $38,000 Accounts receivable Invento $60,000 $50,000 $115,000 $200,000 S140,000 S365,000 Building and equipment S50.000 S28.000 $78.000 Less: Accumulated depreciation Investment in Y Company stock S124,000 Goodwill $15,000 S464,000 S230,000 Total Assets S605,000 S60,000 $32,000 Accounts payable S82,000 S78,000 Wages payable S50,000 S28,000 Notes payable $100,000 $60,000 $160,000 $50,000 Common stock S100,000 S60,000 Retained earnings S154,000 $31,000 Netcontrolling interest S464,000 Total Liabilities and Equities S230,000 S605,000 21. Based on the information given, what is the amount of unpaid consulting services at December 31, 20x8, on work done byXCompany for Y Company Answer: Accounts receivables ($50,000 +$38,000 $78,000 S10,000