On January 1, 2020, Company Pacquired 90% of S, Inc. for $540,000, plus $10,000 in acquisition costs. On the date of acquisition, S, Inc. had the following balance sheet: S, Inc. Balance Sheet January 1, 2020 Assets Accounts Receivable Inventory Land Buildings Acc Dep'n-Bldg Equipment Acc Dep'n-Equip Goodwill Total Assets $150,000 180,000 200,000 550,000 (100,000) 400,000 (120,000) 20,000 $1,280,000 Liabilities and Equity Current Liabilities $260,000 Bonds Payable 250,000 Common Stock, $1 par 400,000 PIC in Excess of Par 70,000 Retained Earnings 300,000 Total Liab and Equity $1,280,000 An appraisal indicates that the following items have fair values that differed from their book values: Accounts Receivable Inventory Land Buildings Equipment Copyright Bonds Payable $140,000 170,000 200,000 460,000 100,000 300,000 220,000 Immediately after the purchase, Company P had the following balance sheet: Company P Balance Sheet January 1, 2020 Assets Cash Accounts Receivable Inventory Investment in S, Inc. Land Buildings Accumulated Depreciation Equipment Accumulated Depreciation Goodwill Total Assets Liabilities and Equity Current Liabilities $160,000 Bonds Payable 300,000 Common Stock 150,000 PIC Excess of Par 200,000 Retained Earnings 800,000 $50,000 60,000 110,000 540,000 350,000 300,000 (50,000) 190,000 (40,000) 100.000 $1,610,000 Total Liabilities and Equity $1,610,000 INSTRUCTIONS: (1) Record the investment in S, Inc. (2) Prepare a value analysis schedule for the investment in S, Inc. (3) Prepare a determination and distribution schedule for the investment in S, Inc. (4) Prepare all required elimination entries for the January 1, 2020 consolidated worksheet in general journal format. (5) Prepare a consolidated worksheet in good form for Company P and its subsidiary S, Inc. as of January 1, 2020. (6) Prepare a consolidated balance sheet in good form for Company P as of January 1 2020