1. Perry Company acquired 100 percent of Selby Companys outstanding common stock for $830,000 on January 1, 2019, when the book value of Selbys net assets was equal to $830,000. Perry uses the equity method to account for investments. Trial Balance items for Perry and Selby as of December 31, 2019, are as follows:

	Perry		Selby
	Debit	Credit	Debit	Credit
Cash	95,000		70,000
Accounts Receivable	302,000		90,000
Inventory	450,000		200,000
Investment in Selby	1,085,000
Plant & Equipment	755,000		585,000
Other Assets	390,000		230,000
Dividends Declared	50,000		25,000
Sales		1,140,000		800,000
Cost of Goods Sold	680,000		325,000
Other Expense	250,000		195,000
Accounts Payable		75,000		30,000
Other Liabilities		102,000		60,000
Common Stock		960,000		350,000
Retained Earnings		1,500,000		480,000
Income From Selby		280,000
Total	4,057,000	4,057,000	1,720,000	1,720,000

1. Prepare the journal entries on Perrys books for the acquisition of Selby on January 1, 2019, as well as any normal equity method entry(ies) related to the investment in Selby Company during 2019.(6 pts) solve in Microsoft word

2. Give the elimination entry or entries needed to prepare consolidated Financial statements immediately following the business combination (4pts)solve in Microsoft word

3. Prepare a consolidation worksheet for 2019 in good form.(7pts) solve in Microsoft word