On January 1, 2020 the Y and V Companies had the following balance sheets CASH ACCOUNTS RECEIVABLE EQUIPMENT ACCUMULATED DEP. EQUIPMENT BUILDING ACCUMULATED DEP. BUILDING 1,000,000 1,000,000 1,000,000 -400,000 1,000,000 -300,000 20,000 20,000 20,000 -8000 20,000 -4000 TOTAL ASSETS: 3,300,000 68,000 ACCOUNTS PAYABLE 1,000,000 20,000 COMMON STOCK $1 PAR ADDITIONAL PAID IN CAPITAL C/S RETAINED EARNINGS 1,000,000 1,000,000 300,000 20,000 20,000 8000 On January 2nd Y acquired 75% of the voting stock of V by issuing (selling) 2000 shares of its stock. On January 2nd y stock was selling for $65 per share. On January 2nd V's assets had the following fair market value equipment building patent customer list $9,000 LIFE remaining 10 YEARS NO SALVAGE $21,000 LIFE remaining20 YEARS NO SALVAGE $10,000 LIFE remaining 5 YEARS NO SALVAGE $6,000 LIFE remaining 5 YEARS NO SALVAGE Note: Y's equipment and building also have 10 and 20 remaining year life with no salvage REQUIRED: A) MAKE THE JOURNAL ENTRY Y MAKES WHEN IT ACQUIRES 75% OF THE V STOCK B) MAKE THE JOURNAL ENTRY V MAKES WHEN 75% OF ITS STOCK IS ACQUIRED BY Y C) MAKE ANY NECESSARY WORKSHEET ENTRIED NEEDED TO PREPARE A CONSOLDIATED BALANCE SHEET D) PRODUCE A CONSOLIDATED BALANCE SHEET ON JANUARY 2ND