On July 1, 2021, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $777,700 in cash and equity securities. The remaining 30 percent of Atlanta's shares traded closely near ansverage price that totaled $333,300 both before and after Truman's acquisition In reviewing its sculation. Truman signed a $147.500 fair value to s pstent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have s remaining life of five years. The following financial Information is svarsble for these two companies for 2021. In sit on the subsidiary's income was eamed uniformly throughout the year. The subsidiary declared dividends quarterly. Atlanta $ 580,000) 344, cea $ $ Truman (05,225) 488, (44,275) $ (378,8ce) 5 (295,ace) (378,ace) 155.00 $(1,118.00) $ 563.525 Reven Operating expenses Income of subsidiary Met income Retained earnings, 1/1/21 Net Income (be) Dividends declared Retained earnings, 12/31/21 Current assets Invest in Atlanta Land Buildings Total assets Liabilities Common stock Additional paid in capital Retained earnings, 12/31/21 Total liabilities and stockholders' equity (156,ca) (5.28,coa) (155, cea) 50,00 (626,coa) 284, cea $ $ 429,8ce 725, $ 2,518,82 $908, ace) (95.00) (405,860) (1.110.000) $(2,518) 291, cea 721,00 $ 1,295,000 $ (350,000) 380,coa) (28,698) (626,ca) $(1,295, cea) .. What is the excess fsir-value signed to patent and goodwill b. How old Truman sllocate the goodwill from the sculition across the controlling and noncontrolling Interests? c. How old Truman derive the investment in Atlanta account balance at the end of 2021 d. Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2021. At year-end, there were no Intre-entity receivables or payables. Prepare a warighest to consolidate the financial statements of these two companies as of December 31, 2021. At year-end, there were no intra-entity receivables ar payables. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debt column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less TRUMAN COMPANY AND ATLANTA COMPANY Concoildation Worksheet For Year Ending December 31, 2021 Truman Adana Concolidation Entries Company Company Debit Credit Is (805.726) $ (500,000) 250.000 480.000 344.000 14750 172.000 144 275) 0 44 275 S (370.000) $ (156, DOO Nonoontrolling Interest Concoildated Totals $ (1,066,7251 666,750 Revenues Operating expenses Not income of subsidiary Separate company net income Consoldated not income Not income attributable to NCI Not income attributable to Truman IS (786.7501 18,975 18.975 IS (767.77513 520.000 Retained Gamings, 1/1/21 Not income $ 895,000 (370,000) 155.000 (295.000 (370,000 Is (520.000) (156,000) 50.000 $ (625,000 DMdonds declared 42.500 7.500 153,000 Retained comings, 12/31.21 1.110,000 11.110 DOO 15 IS Is 790,525 17.500 821.975 509.525 804 475 479.000 725.000 294.000 0 291,000 721,000 770,000 1,446.000 147.500 14.750 123.500 Current acts Investment in Atlanta Land Buldings Patent Goodwil Total Labios Common stock Additional paid in capital Retained amings, 12/31.21 Noncontrolling interest 711 Noncontrolling interest 1201 Total abilities and stockholders' equity $ 2,518.000 $ (908,000) 195,000) (405,000) (1.110.000) $ 1.290.000 Is 300.000) (300,000) 120,000) (625,000 132,750 123,500 $ 3.265,775 $ (1,258.0001 195.000 (405,000 11.110,000 300.000 20.000 396 300 (381.300) (374825) (297.775 $ (3,266,775) 12.518 000) 11.296.000) $ 1,437,625 $ 1,437.625