Please calculate missing numbers and provide calculations. Thank you In 2017, Company P purchased 100% of the outstanding stock of Company S for $800,000. The FMV of Company S's
net assets was $500,000, and the only item where FMV differed from book value was Net Fixed Assets, which
had a FMV $100,000 greater than book. Company P uses the cost method to account for the income of Company
S, and $50,000 in dividends were declared and paid in 2017
Required: In the gray-shaded cells below, enter
Calculate and enter the Combined balances for all accounts
Post the entries required to eliminate the subsidiary's equity (reference as "A")
Post the entries required to account for adjustments to FMV and any goodwill (reference as "B")
Post the entries required to eliminate any investment income booked (reference as "C")
Calculate and enter the Consolidated Balances for all accounts
when correct the cells will change color. Do not cut and past or copy formulas!!!
	Company P	Company S	Combined	Debits		Credits		Consolidated
Cash	$650,000	$300,000	$950,000					$950,000
A/R	150,000	200,000	350,000					350,000
Inventory	300,000	150,000	450,000					450,000
Net Fixed Assets	500,000	300,000	800,000	B
Investment in S	800,000	0	800,000			A
						B
						C
Goodwill	0	0	0	B
A/P	(350,000)	(250,000)	(600,000)
Notes Payable	(400,000)	(175,000)	(575,000)
Common Stock P	(400,000)	0	(400,000)
Retained Earnings P	(750,000)	0	(750,000)
Common Stock S	0	(100,000)	(100,000)	A	100,000
Retained Earnings S	0	(250,000)	(250,000)	A	250,000
Sales	(2,000,000)	(600,000)	(2,600,000)
COGS	1,250,000	400,000	1,650,000
Other Expenses	300,000	25,000	325,000
Investment Income	(50,000)	0	(50,000)	C	50,000