please assist with the consolidation entries and consolidation. balance sheet worksheet. I cannot get the calculations correct.

Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does Peace Corporation acquired 100 percent of Soft Inc. in a nontaxable transaction on December 31, 20X1. The following balance sheet information is available immediately following the transaction: Peace Corporation Book Value Fair Values $ 37,000 $ 37,000 51,000 51,800 79,000 86,000 11,000 81,000 81,000 160,000 195,000 Soft Inc. Book Value Fair Values $12,000 $12,000 17,000 17,000 7,000 10,000 1,000 ? 32,000 44,500 24,000 Patent Cash Accounts Receivable, net Inventory Deferred Tax Asset Investment in Soft Equipment, net Toto Total Assets Accounts Payable Accrued Vacation Payable Deferred Tax Liability Long-Term Debt Common Stock Retained Earnings Total Liabilities and Equity $69,000 $13,000 $13,000 $ 60,000 11,000 $ 419,000 $ 60,000 11,000 5,000 105,000 145,000 93,000 $ 419,000 115,000 6,000 2,000 6,000 9,000 39,000 $69,900 Additional Information 1. The current and future effective tax rate for both Peace and Soft is 40 percent 2. The recorded deferred tax asset for Peace relates to the book-tax differences arising from the allowance for doubtful Accounts and the Accrued vacation payable. The expenses associated with each of these amounts will not be deductible for tax purposes until the related accounts receivable are written off or until the employee vacation is actually paid out. 3. The recorded deferred tax asset for Soft is related solely to the book-tax difference arising from the allowance for doubtful accounts 4. The recorded deferred tax liability in both Peace and Soft relates solely to the book-tax differences arising from the depreciation of their respective equipment 5. Accumulated depreciation on the financial accounting records of Peace and Soft is $49,000 and $18,000, respectively. 6. The Soft patent was identified by Peace in the due diligence process and has not previously been recorded in the accounting records of Soft 7. The book and tax bases of all other assets and liabilities of Peace and soft are the same. c. Prepare all of the consolidation entries needed to prepare the worksheet for Peace and Soft at the date of acquisition. (If no required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Event Accounts Debit Credit 1 Common stock Retained earnings Investment in Soft Corporation 9,000 39,000 48,000 B 2. Inventory Equipment Patent 3,000 12,500 24,000 Goodwill Investment in Soft Corporation Deferred tax liability 18,000 3 Accumulated depreciation Equipment 18,000 d. Prepare the consolidation worksheet for Peace and Soft at the date of acquisition. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all -Lie-..... lle ... alle. Cillah. ...ie wat Answer is not complete. PEACE CORPORATION AND SUBSIDIARY Consolidation Balance Sheet Worksheet December 31, 20X1 Consolidation Entries Peace Soft Co. DR . CR Consolidated Balance Sheet Cash $ $ $ 49,000 37,000 51,000 12,000 17,000 Accounts receivable 68,000 Inventory Deferred tax asset Equipment Less: Accumulated depreciation Investment in Soft Patent Goodwill Total Assets 81,000 81,000 0 IS IS 29,000 169,000 $ 0 81.000 S IS 117,000 $ 13,000 s 60,000S 11,000 5,000 73,000 11,000 7,000 2,000 Liabilities & Stockholders' Equity Accounts payable Accrued vacation payable Deferred tax liability Long-term debt Common stock Retained earnings Total Liabilities & Equity 145,000 93,000 S 314,000 9,000 39,000 63.000 9,000 39,000 48.000 145.000 93,000 329,000 0 IS IS IS Prey 1 of 5 Next > nc Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does Peace Corporation acquired 100 percent of Soft Inc. in a nontaxable transaction on December 31, 20X1. The following balance sheet information is available immediately following the transaction: Peace Corporation Book Value Fair Values $ 37,000 $ 37,000 51,000 51,800 79,000 86,000 11,000 81,000 81,000 160,000 195,000 Soft Inc. Book Value Fair Values $12,000 $12,000 17,000 17,000 7,000 10,000 1,000 ? 32,000 44,500 24,000 Patent Cash Accounts Receivable, net Inventory Deferred Tax Asset Investment in Soft Equipment, net Toto Total Assets Accounts Payable Accrued Vacation Payable Deferred Tax Liability Long-Term Debt Common Stock Retained Earnings Total Liabilities and Equity $69,000 $13,000 $13,000 $ 60,000 11,000 $ 419,000 $ 60,000 11,000 5,000 105,000 145,000 93,000 $ 419,000 115,000 6,000 2,000 6,000 9,000 39,000 $69,900 Additional Information 1. The current and future effective tax rate for both Peace and Soft is 40 percent 2. The recorded deferred tax asset for Peace relates to the book-tax differences arising from the allowance for doubtful Accounts and the Accrued vacation payable. The expenses associated with each of these amounts will not be deductible for tax purposes until the related accounts receivable are written off or until the employee vacation is actually paid out. 3. The recorded deferred tax asset for Soft is related solely to the book-tax difference arising from the allowance for doubtful accounts 4. The recorded deferred tax liability in both Peace and Soft relates solely to the book-tax differences arising from the depreciation of their respective equipment 5. Accumulated depreciation on the financial accounting records of Peace and Soft is $49,000 and $18,000, respectively. 6. The Soft patent was identified by Peace in the due diligence process and has not previously been recorded in the accounting records of Soft 7. The book and tax bases of all other assets and liabilities of Peace and soft are the same. c. Prepare all of the consolidation entries needed to prepare the worksheet for Peace and Soft at the date of acquisition. (If no required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Event Accounts Debit Credit 1 Common stock Retained earnings Investment in Soft Corporation 9,000 39,000 48,000 B 2. Inventory Equipment Patent 3,000 12,500 24,000 Goodwill Investment in Soft Corporation Deferred tax liability 18,000 3 Accumulated depreciation Equipment 18,000 d. Prepare the consolidation worksheet for Peace and Soft at the date of acquisition. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all -Lie-..... lle ... alle. Cillah. ...ie wat Answer is not complete. PEACE CORPORATION AND SUBSIDIARY Consolidation Balance Sheet Worksheet December 31, 20X1 Consolidation Entries Peace Soft Co. DR . CR Consolidated Balance Sheet Cash $ $ $ 49,000 37,000 51,000 12,000 17,000 Accounts receivable 68,000 Inventory Deferred tax asset Equipment Less: Accumulated depreciation Investment in Soft Patent Goodwill Total Assets 81,000 81,000 0 IS IS 29,000 169,000 $ 0 81.000 S IS 117,000 $ 13,000 s 60,000S 11,000 5,000 73,000 11,000 7,000 2,000 Liabilities & Stockholders' Equity Accounts payable Accrued vacation payable Deferred tax liability Long-term debt Common stock Retained earnings Total Liabilities & Equity 145,000 93,000 S 314,000 9,000 39,000 63.000 9,000 39,000 48.000 145.000 93,000 329,000 0 IS IS IS Prey 1 of 5 Next > nc