On January 1st 2020 The Deloit and Acme Companies had the following balance sheets:

	Deloit		Acme
cash	2,000,000		50,000
accounts receivable	1,000,000		80,000
inventory	1,000,000		50,000
equipment	1,000,000		100,000
accumulated depreciation	500,000		50000
land	1,000,000		100,000
total assets	5,500,000		330,000
accounts payable	1,000,000		40,000
common stock $1 par	2,000,000		100,000
common stock	1,000,000		100,000
retained earnings	1,500,000		90,000

On January 2nd Deloit acquired of 90% the outstanding stock of Acme Company for 500,000 shares of common stock. On January 2nd Deloit stock was selling for $2 per share.

On January 1st the fair market value of Acme's land was $125,000; the fair market value of their inventory was $130,000; the fair market value of the equipment was $30,000; other assets and liabilities had a fair market value equal to book value.

A) Make the journal entry Deloit makes when it acquires the Acme stock

B) Make the journal entry Acme makes when its stock is acquired by Deloit

C) Prepare a consolidated balance sheet on Jan 2nd

D) Make the necessary worksheet entries needed to prepare the consolidated balance sheet