Pea Corporation acquired 100 percent of Sea Corporation's common stock on January 1, 2022. Balance sheet data for the companies immediately following the acquisition follow: ASSETS Pea Corporation Sea Company Cash & Receivables $53,700 $30,300 Inventory 52,950 14,800 Land 77,500 50,000 Buildings and equipment 135,750 92,600 (-) Accumulated depreciation ) -48,000 -26,500 Investment in Subsidiary 90,750 Total Assets $362,650 $161.200 LIABILITIES AND EQUITY Accounts Payable $34,200 $24,500 Notes Payable 74,000 56,700 Bonds payable 103,700 20,000 Common Stock 92,050 32,500 Retained Earnings 58,700 27,500 Total Liabilities and Equity $362,650 $161,200 $ At the date of the business combination, the book values of Sea's net assets and liabilities approximated fair value except for inventory, which had a fair value of $26,500, and land, which had a fair value Required a) Prepare the equity method entries on Pea's books for the acquisition of Sea on January 1, 2022. (10 points) Accounts Debit Credit $62,000 Jan. 1 2022 b) Give the basic consolidation entry (20 points) Accounts Debit Credit Jan. 1 2022 . c) Give excess value (differential) reclassification entry at the date of acquisition (20 points) Accounts Debit Credit Jan. 1 2022 Give accumulated depreciation consolidation entry. (10 points) Accounts Debit Credit Jan. 1 2022