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Allen Company acquired 100 percent of Bradford Company's voting stock on January 1, 2017, by Issuing 10,000 shares of Its $10 par value common stock (having a fair value of $25.00 per share). As of that date, Bradford had stockholders' equity totaling $199,150. Land shown on Bradford's accounting records was undervalued by $16,200. Equipment (with a five-year remaining life) was undervalued by $7,850. A secret formula developed by Bradford was appraised at $26,800 with an estimated life of 20 years. The following are the separate financial statements for the two companies for the year ending December 31, 2021. There were no Intra-entity payables on that date. Credit balances are indicated by parentheses. Bradford Company $ (245,000) 92,800 69,600 Revenues Cost of goods sold Depreciation expense Subsidiary earnings Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings ,12/31/21 Current assets Investment in Bradford Company Land Buildings and equipment (net) Total assets Current liabilities Common stock Additional paid in capital Retained earnings, 12/31/21 Total liabilities and equity Allen Company $ (545, 000) 180,000 135,000 (80,490) $ (310,490) $ (714,000) (310,490) 175,500 $ (848,990) $ 324,888 261,100 (83,400) $ (116,400) (83,480) 40,000 $ (159,880) $ 121,500 604,888 766,880 $ 1,955,100 $ (416,110) (600,000) (90,880) (848,990) $(1,955,100) 82,200 213,888 $ 416,700 $ (191,980) (60,000) (5,800) (159,800) $ (416,700) a-1. Complete the table to show the allocation of the fair value in excess of book value. a-2. Complete the table to show the computation for Subsidiary Earnings. b. Complete the worksheet by consolidating the financial Information for these two companies. Complete the table to show the computation for Subsidiary Earnings. (Negative amounts should be indicated by a minus sign.) Equity accrual Amortization expense Amounts $ 85,500 (2,910) Equity earnings $ 82,590 ALLEN AND SUBSIDIARY Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Allen Co. Bradford Debit Credit Co. Accounts Consolidated Totals S Income Statement Revenues Cost of goods sold Depreciation expense Amortization expense Equity in subsidiary earnings Net income S (245,000) 92,000 69,600 790,000 272,000 206,170 S (545,000) 180,000 135,000 0 (80,490) $ (310,490) 1,570 1,340 0 0 S (83,400) 1,340 0 310,490 S 116,400 Statement of Retained Earnings Retained earnings 1/1 Net income (above) Dividends declared Retained earnings 12/31 (714,000) (310,490) 175,500 S (848,990) (116,400) (83,400) 40,000 S (159.800) 714,000 310,490 175,500 848,990 40,000 S S 324,000 S 121,500 IS 445,500 261,100 0 40,000 301,100 0 Balance Sheet Current assets Investment in Bradford Co. Land Buildings and equipment (net) Formula Total assets 82,200 213,000 0 1,570 604,000 766,000 0 $ 1,955,100 979,000 1,570 1,340 416,700 Current liabilities Common stock Additional paid-in capital Retained earnings 12/31 Total liabilities and equity (416,110) (600,000) (90,000) (848,990) S (1,955,100) (191,900) (60,000) (5,000) (159,800) S (416,700) 60,000 5,000 608,010 600,000 90,000 848,990 S 225,880 S 344,010