On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spauldings book value was only $140,000 at the time, but Rand issued 12,000 share having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spauldings records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to good will. Following are the individual financial records for these two companies for the year ended December 31, 2012. Rand Corp. Spaulding Inc. Revenues $372,000 $108,000 Expenses (264,000) (72,000) Equity in subsidiary earnings 25,000 0 Net income $133,000 $36,000 Retained earnings January 1, 2012 $765,000 102,000 Net income (above) 133,000 36,000 Dividends paid (84,000) (24,000) Retained earnings, December 31, 2012 $814,000 114,000 Current assets $150,000 $22,000 Investment in Spaulding Inc. 242,000 0 Buildings (net) 525,000 85,000 Equipment (net) 389,250 129,000 Total assets $1,306,250 $236,000 Liabilities $82,250 $50,000 Common stock 360,000 72,000 Additional paid-in capital 50,000 0 Retained earnings, December 31, 2012 (above) 814,000 114,000 Total liabilities and stockholders equity $1,306,250 $236,000 Required: Prepare a consolidation worksheet for this business combination. http://www.chegg.com/homework-help/questions-and-answers/january-1-2009-rand-corp-issued-shares-common-stock-acquire-outstanding-common-stock-spaul-q6999863 I need an explanation on the excel portion and how were the consolidate entries determine