On January 2. 2010. Page Corporation acquired a 90% interest in Salcedo Company for $3.510.000. At that time Salcedo Company had capital stock of $2.250.000 and retained earnings of $1.250,000. The book values of Salcedo Company's assets and liabilities were cqu.il to their fair values except for land and bonds payable. The land had a fair value of $200,000 and a book value of $120.000. The outstanding bonds were issued on January 1.2005, at 9% and mature on January 1, 2015. The bonds' principal is $500,000 and the current yield rate on similar bonds is 6%. Required: Assuming interest is paid annually, prepare a Computation and Allocation Schedule for the difference between book value and the value implied by the purchase puce in the consolidated statements workpaper on the acquisition date. Prepare the workpaper entries necessary on December 31, 2010, to allocate and depreciate the difference between book value and the value implied by the purchase price. Pruitt Corporation acquired 70% of the voting stock of Soto Corporation on January 1. 2010. for $210.000 when Soto had common stock of $150,000 and retained earnings of $114,000. The excess of implied over book value was allocated $9,000 to inventories that were sold in 2010, $12,000 to equipment with a 4-year remaining useful life under the straight-line method, and the remainder to goodwill. Financial statements for Pruitt and Soto Corporations at the end of the fiscal year ended December 31, 2011 (two years after acquisition), appear in the first two columns of the partially completed consolidated statements workpaper. Pruitt Corp. has accounted for its investment in Soto using the partial equity method of accounting. Required: Complete the consolidated workpaper for Pruitt Corporation and Soto Corporation for December 31, 2011