On January 1st 2022 the Dumbledore and Voldomort Companies had the following Balance Sheets: Dumbledore Voldomort cash 20000 400000 On January 2nd Voldomort acquired (purchased) all of the stock of Dumbledore by issuing accounts receivable 40000 500000 20,000 shares of its common stock to the owners of Dumbledore. On January 2nd Voldomort's inventory 50000 550000 stock was selling for $50 per share. Additional information is as follows: equipment 40000 110000 FAIR MARKET VALUE OF DUMBLEDORE'S ASSETS accumulated dep. Equipment 10000 20000 Accounts receivable $ 40,000.00 Building 100000 200000 inventory $ 50,000.00 accumulated dep. Building 10000 40000 equipment $ 70,000.00 land 90000 800000 land $ 70,000.00 in process R&D $ 30,000.00 total assets 320000 2500000 Customer list $ 40,000.00 building $ 70,000.00 accounts payable 30000 300000 Both Dumbledore's and Voldomorts' buildings have a 10 year life straight line no salvage common stock $1 par 10000 100000 Both Dumbledore's and Voldomorts' equipment have a 5 year life straight line no salvage apic 90000 1000000 retained earnings 190000 1100000 REQUIRED: 1) Make the journal entry Voldomort makes when it acquires Dumbledore's stock 2) Make the journal entry Dumbledore makes when its stock is acquired by Voldomort 3) Make the necessary worksheet entries for the consolidation 4) Prepare a consolidated balance sheet on January 2nd 2022