Par Corporation acquired a 70 percent interest in Sol Corporation's outstanding voting stock on January 1,...

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Par Corporation acquired a 70 percent interest in Sol Corporation's outstanding voting stock on January 1, 2018 for $490 cash. The price paid for 70% acquisition was proportionate to Sol's total fair value. The stockholder's equity of Sol at the time of acquisition consisted of $500 capital stock and $100 retained earnings. The difference between fair value and book value of identifiable net assets come from undervalued assets of Inventory, Buildings, and Equipment by $5, $14 and $21 respectively. Buildings had remaining useful life of 7 years while equipment had 3 years. At December 31, 2018, Sol's year-end dividends are declared but not paid out. Par's and Sol's December 31, 2018 financial statements are attached at the end. Required: a) Calculate, allocate and amortize excess at January 1, 2018; b) Calculate 2018 Equity in Sol's Earnings; c) Calculate 2018 NCI share of Sol's earnings; d) Calculate Sol's 2018 dividends distribution for Par and NCI; e) Write all the consolidation entries for 2018; f) After the consolidation entries, determine the 2018 consolidated balances for these selected accounts: 1. Dividends; 2. Inventories; 3. Retained Earnings, December 31 4. NCI in Sol, 12/31/2018. g) Explain how we deal with the cost of Goodwill, if there is any, annually (no numbers). Par Corporation acquired a 70 percent interest in Sol Corporation's outstanding voting stock on January 1, 2018 for $490 cash. The price paid for 70% acquisition was proportionate to Sol's total fair value. The stockholder's equity of Sol at the time of acquisition consisted of $500 capital stock and $100 retained earnings. The difference between fair value and book value of identifiable net assets come from undervalued assets of Inventory, Buildings, and Equipment by $5, $14 and $21 respectively. Buildings had remaining useful life of 7 years while equipment had 3 years. At December 31, 2018, Sol's year-end dividends are declared but not paid out. Par's and Sol's December 31, 2018 financial statements are attached at the end. Required: a) Calculate, allocate and amortize excess at January 1, 2018; b) Calculate 2018 Equity in Sol's Earnings; c) Calculate 2018 NCI share of Sol's earnings; d) Calculate Sol's 2018 dividends distribution for Par and NCI; e) Write all the consolidation entries for 2018; f) After the consolidation entries, determine the 2018 consolidated balances for these selected accounts: 1. Dividends; 2. Inventories; 3. Retained Earnings, December 31 4. NCI in Sol, 12/31/2018. g) Explain how we deal with the cost of Goodwill, if there is any, annually (no numbers).