Part B please

Advanced Accounting Part 2B Fall 2017 The assignment must be done using an excel spreadsheet. Everything else must be done on a word processor. Label everything. Please work alone. Good luck Due date: Nov 13 You must hand in a hard copy and email the file to me on that day. Use formulae on the spreadsheet. On January 2, 20x4, Puma Co. purchased 70% of Squirrel Co.'s common stock for S270.0. At mat date the fair value of the noncontrolling interest was equal $115,800. On that date the Squirrel's net assets had a book value of $350,000. The book values and fair values of Squirrel's assets equal except land that had a fair value $10,000 higher than the book value, the rest of thedi assigned to goodwill. and liabilities were sold inventory costing $48,000 to Squirrel for $80,000 in 2014, of which $20,000 Squirrel had in its inventory at the end o 20x4. Squirrel sold all of it to unaffliated customers in 20x5 b) Squirrel sold inventory costing $120,000 to Puma for $200,000 in 20x4. Puma resold 62.5% of it c) Puma sold goods costing $54,000 to Squirrel for $90,000. Squirrel continues to hold $20,000 of d) During 2015 Squirrel sold inventory costing $74,000 to Puma for $124,000. Puma held all in 2014 and the remainder in 2015 its purchase from Puma on December 31, 20x5, inventory purchased from Squirrel during 2015 on December 31, 20x5. Assume both companies use straight-line depreciation and that all depreciable assets have a 10 year life from the date of acquisition. Puma uses the fully adjusted equity method. The 20x5 trial balances for Puma Co. and Squirrel Co. are given below. Puma Co. Squirrel Co. Debit Credit Item Debit Credit 55,300 26,000 200,000 30,000 210,000 25,000 70,000 110,000 20,000 200,000 Accounts Rec. Inventory Equipment(net) Investment in Squirrel265,700 190,000 40,000 10,000 35,000 140,000 20,000 10,000 5,000 Cost of Goods Sold Depreciation Expense Other Expenses Dividends declared Accounts Payable Notes Payable Common Stock Add. Paid in Capital Retained Earnings Sales Income from Sun Co. 5,000 25,000 150,000 140,000 428,000 300,000 14,000 5,000 15,000 100,000 30,000 240,000 210,000 $1,062,000 $1,062,000 $600,000 $600,000