On January 1, 2015, Peanut Corporation exchanged $4,000 cash for 100% of the outstanding voting stock of Strikeout Corporation. Book value of net assets was equivalent to fair value, other than a building that was below fair value by $500 and $300 was assigned to goodwill in the acquisition. The building has a remaining useful life of 10 years. Complete the consolidation as of December 31, 2017. Consolidation Entries Consolated Parent Subsidiary Debas Credits Totals Sales 7,000 3,000 10,000 Cost of Goods Sold (4,650) (1,700) [1] Gross profit 2,350 1,300 Equity Income 140 [2] Operating Expenses (840) (1,110) (3) Netincoine 1,650 190 1.850 [4] [5] Retained earnings BOY Net income Dividends paid Relined earnings 5,240 1,650 (560) 6,330 1,350 190 (50) 1,290 50 (560) 2,000 Cash &receivables Equity Investment 1,600 3,640 [6] [7] 7,090 3,490 [8] PP&E, net Gooche Total Assets [9] 12.330 520 14830 5,500 Liabilities Common Stock Retained earnings 3,000 3,000 6,330 2,500 1,500 1,490 [10] LOA QUIMICAL Cost of Goods Sold Gross profit Equity Income Operating Expenses 2,350 140 (840) 1,300 [2] (1,110) [3] 1.650 1.650 100 Net incorne [4] [5] 5,240 1,650 (560) 6,330 Retained earnings BOY Net income Dividends paid Retained earnings 1,350 190 (50) 1,00 (560) 2,000 [6] [7] 1,664 3,640 Cash & receivables Equity Investment 7,090 3,490 [8] [9] PP&E, net Gooche Total Assets 144830 12,330 5,090 Liabilities 3,000 2,500 5,500 Common Stock 3,000 1,500 Retained earnings 6,330 1,490 [10] Total liabbies & Equity 12.330 14,830 Provide the numerical amounts for each of the following, do not use "$" or ".XX" in your answers. For consolidated totals, if needs to be shown as "-" or "O" please do so. 5220 On January 1, 2015, Peanut Corporation exchanged $4,000 cash for 100% of the outstanding voting stock of Strikeout Corporation. Book value of net assets was equivalent to fair value, other than a building that was below fair value by $500 and $300 was assigned to goodwill in the acquisition. The building has a remaining useful life of 10 years. Complete the consolidation as of December 31, 2017. Consolidation Entries Consolated Parent Subsidiary Debas Credits Totals Sales 7,000 3,000 10,000 Cost of Goods Sold (4,650) (1,700) [1] Gross profit 2,350 1,300 Equity Income 140 [2] Operating Expenses (840) (1,110) (3) Netincoine 1,650 190 1.850 [4] [5] Retained earnings BOY Net income Dividends paid Relined earnings 5,240 1,650 (560) 6,330 1,350 190 (50) 1,290 50 (560) 2,000 Cash &receivables Equity Investment 1,600 3,640 [6] [7] 7,090 3,490 [8] PP&E, net Gooche Total Assets [9] 12.330 520 14830 5,500 Liabilities Common Stock Retained earnings 3,000 3,000 6,330 2,500 1,500 1,490 [10] LOA QUIMICAL Cost of Goods Sold Gross profit Equity Income Operating Expenses 2,350 140 (840) 1,300 [2] (1,110) [3] 1.650 1.650 100 Net incorne [4] [5] 5,240 1,650 (560) 6,330 Retained earnings BOY Net income Dividends paid Retained earnings 1,350 190 (50) 1,00 (560) 2,000 [6] [7] 1,664 3,640 Cash & receivables Equity Investment 7,090 3,490 [8] [9] PP&E, net Gooche Total Assets 144830 12,330 5,090 Liabilities 3,000 2,500 5,500 Common Stock 3,000 1,500 Retained earnings 6,330 1,490 [10] Total liabbies & Equity 12.330 14,830 Provide the numerical amounts for each of the following, do not use "$" or ".XX" in your answers. For consolidated totals, if needs to be shown as "-" or "O" please do so. 5220