please assist me with worksheets 1-3! spread sheet attached.

Exercise 1: Asset Purchase of Another Company CheapBeer Inc. wants to purchase the net assets of FancyBrew Inc. for purposes of horizontal consolidation and will pay $500,000 cash for them. The balance sheet for FancyBrew Inc. on the date of purchase is as follows: FancyBrew Inc. Balance Sheet as of 5/15/17 Assets Liabilities & Owners' Equity Book Value Cash A/R Inventory Net Fixed Assets Patents Total Assets: $0 50,000 125,000 175,000 0 $350,000 Fair Market Value $0 50,000 100,000 200,000 25,000 Book Value A/P Notes Payable Mortgage Payable Total Liabilities: $80,000 25,000 70,000 $175,000 Common Stock Retained Earnings Total Equity: 75,000 100,000 $175,000 Total Liabilities & O.E.: $350,000 Fair Market Value $80,000 25,000 70,000 A) Prepare the journal entry amounts for this asset acquisition on the books of CheapBeer Inc by entering the proper dollar amounts in the gray-shaded cells. When correct, the cells will change color. Account A/R Inventory Net Fixed Assets Patents Goodwill Cash A/P Notes Payable Mortgage Payable Debits Credits Total B) Prepare the journal entry amounts for this asset acquisition on the books of FancyBrew Inc. by entering the proper dollar amounts in the gray-shaded cells. When correct, the cells will change color. Account Cash A/P Notes Payable Mortgage A/R Inventory Net Fixed Assets Gain on Sale of Net Assets Debits Total Credits Exercise 2: Stock Purchase of Another Company ChubbyGuy Inc. wants to purchase the outstanding stock of SkinnyGirl Inc. for purposes of horizontal consolidation and will pay $800,000 cash for it plus indirect acquisition costs of $50,000. The balance sheet for SkinnyGirl Inc. on the date of purchase is as follows: Skinny Girl Inc. Balance Sheet as of 7/31/17 Assets Liabilities & Owners' Equity Book Value Cash A/R Inventory Net Fixed Assets Land Trademark Total Assets: $0 125,000 75,000 300,000 25,000 15,000 $540,000 Fair Market Value $0 100,000 50,000 350,000 200,000 10,000 Book Value A/P Notes Payable Bonds Payable Total Liabilities: $30,000 75,000 15,000 $120,000 Common Stock Retained Earnings Total Equity: 75,000 345,000 $420,000 Total Liabilities & O.E.: $540,000 Fair Market Value $30,000 75,000 10,000 A) Prepare the journal entry amounts for this stock purchase on the books of ChubbyGuy Inc. by entering the proper dollar amounts in the gray-shaded cells. When correct, the cells will change color. Account Investment in Skinny Girl Inc. Indirect Acquisition Expenses Cash Debits Credits Total Note: There is NO journal entry made on the part of the aquired company as stock is purchased from the shareholders, and NOT the acquired company! Exercise 3: Initial Consolidation as of Date of Acquisition CheapBeer Inc. purchased 100% of the outstanding stock of FancyBrew Inc. for purposes of horizontal consolidation and paid $500,000 cash for the stock. The balance sheets for the two companies immediately after the acquisition are as follows: FancyBrew Inc. CheapBeer Inc. Balance Sheet as of 5/15/17 Balance Sheet as of 5/15/17 Assets Liabilities & Owners' Equity Book Value Cash A/R Inventory Net Fixed Assets Patents Total Assets: $0 75,000 150,000 200,000 0 Fair Market Value Book Value $0 75,000 125,000 350,000 25,000 $425,000 A/P Notes Payable Mortgage Payable Total Liabilities: $50,000 30,000 50,000 $130,000 Common Stock Retained Earnings Total Equity: 75,000 220,000 $295,000 Total Liabilities & O.E.: $425,000 Assets Fair Market Value $50,000 30,000 50,000 Cash A/R Inventory Net Fixed Assets Investment in Subsidiary Total Assets: Goodwill A/P Notes Payable Mortgage Payable Common Stock - CheapBeer Common Stock - FancyBrew Retained Earnings - CheapBeer Retained Earnings - FancyBrew Totals Trial Balances Combined CheapBeer FancyBrew $250,000 $0 $250,000 150,000 75,000 225,000 350,000 150,000 500,000 250,000 200,000 450,000 0 0 0 500,000 0 500,000 0 (400,000) (100,000) (50,000) (150,000) 0 (800,000) 0 $0 0 (50,000) (30,000) (50,000) 0 (75,000) 0 (220,000) $0 0 (450,000) (130,000) (100,000) (150,000) (75,000) (800,000) (220,000) $0 Entry Consolidation Entries Debit Entry Consolidated Balance Credit "B" "B" "B" "A" "B" "C" "C" "A" "A" Entry "A" Eliminate the subsidiary's equity against the parent's investment account Entry "B" Adjust the net assets of the subsidiary to Fair Market Value and offset to the investment Entry "C" Any remaining amount in the investment account gets eliminated to Goodwill $0 $0 $250,000 150,000 350,000 250,000 500,000 $1,500,000 A) Complete the below Consolidation Entries for the "Consolidation & Elimination Worksheet" for this acquisition as of the date of the acquisition by entering required fiures into the gray shaded cells. When correct, the cells will change color. Account Cash A/R Inventory Net Fixed Assets Patents Investment in Subsidiary Liabilities & Owners' Equity Book Value $0 Book Value A/P Notes Payable Mortgage Payable Total Liabilities: $400,000 100,000 50,000 $550,000 Common Stock Retained Earnings Total Equity: 150,000 800,000 $950,000 Total Liabilities & O.E.: $1,500,000 Exercise 4: Rodgers CPA Review "Interactive Practice Quiz" As part of your registration for this course, each student is given access to the Rodgers CPA Review website, a great resourc expectation of the actual CPA exam. For our course, we're going to be utilizing Rodgers' "Interactive Practice Quizzes". The for developing an understanding of the material at hand - they are not intended to be assessments. When taking an "Intera from resources on the website to develop an understanding of the material in order to answer the questions. In certain sections of our class, you're going to be asked to answer the multiple choice questions within specific sections of Quizzes". Below will be specific instructions on which area to work on, and what you need to complete and post up on this activities. For the first three weeks of this class we'll be covering business combinations and consolidations, which align to the FAR 31 "Interactive Practice Quiz" for FAR 31 which contains approximately 60 questions. For weeks #1 through #3 of this class, yo Quiz". For week #1, you will be required to attempt at least 20 of the multiple choice questions in the FAR 31 Business Combinatio and successfully answer at least 15 of those. You're more than welcome to do more if you'd like! Week #2 will be an additio the remaining questions and ~ 75% correct. To complete this week's requirement, attempt at least 20 questions with at least 15 correct responses, and then take a scre screen shot below and simply submit with this file when uploaded this completed homework assignment. active Practice Quiz" w website, a great resource for both lecture material and review / ve Practice Quizzes". The "Interactive Practice Quizzes" are a great resource ts. When taking an "Interactive Practice Quiz" you have the ability to draw e questions. within specific sections of Rodgers CPA Review "Interactive Practice mplete and post up on this page to demonstrate your participation in these which align to the FAR 31 section in Rodgers CPA Review. There is an hrough #3 of this class, you'll be working through this "Interactive Practice AR 31 Business Combinations & Consolidations "Interactive Practice Quiz" Week #2 will be an additional 20 questions / 15 correct, and week #3 will be nses, and then take a screen shot of your completion summary. 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