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Consolidating Eliminating Entries, Date of Acquisition: U.S. GAAP and IFRS Plummer Corporation acquired 90 percent of Softek Technologies' voting stock by issuing 200,000 shares of $1 par common stock with a fair value of $100,000,000. In addition, Plummer paid $2,000,000 in cash to the consultants and accountants who advised in acquisition. Softek's shareholders' equity at the date of acquisition is as follows: Common stock $400,000 Additional paid-in capital 20,000,000 Retained deficit (10,000,000) Accumulated other comprehensive loss (1,000,000) Treasury stock (500,000) $8,900,000 Total Softek's assets and liabilities were carried at fair value except as noted below: Book Value Fair Value Plant assets, net $12,000,000 $6,000,000 Trademarks 2,000,000 Customer lists. 3,000,000 The fair value of the noncontrolling interest is estimated to be $9,000,000 at the date of acquisition. Required (a) Prepare the acquisition entry on Plummer's books and the working paper consolidation eliminating entries at the date of acquisition, following U.S. GAAP. Enter all your answers in thousands. For example, $1,000,000 is $1,000. Plummer's acquisition entry General Journal Description Credit Investment in Softek Debit 100,000 2,000 Merger expenses Cash 0 0 Common stock, par value Additional paid-in capital 0 0 0 2,000 200 99,800 Consolidation eliminating entries Description (E) Common stock 400 Additional paid-in captial 20,000 Retained deficit 0 0 Accumulated OCL Treasury stock 0 Investment in Softek C 0 Non-controlling interest in Softek 0 (R) Trademarks 2,000 Customer lists 3,000 Goodwill 101,100 Plant assets, net 0 Investment in Softek + 0 Noncontrolling interest in Softek 0 8,110 (b) Prepare the working paper consolidation eliminating entries at the date of acquisition, following IFRS and the alternative valuation method for noncontrolling interests. Enter all your answers in thousands, round to the nearest thousand, when appropriate. Consolidation Journal Description Debit Credit (E) Common stock Additional paid-in capital Retained deficit Accumulated OCL Treasury stock Investment in Softek Noncontrolling interest in Softek (R) Trademarks Customer lists Goodwill + Noncontrolling interest in Softek Plant assets, net Investment in Softek Check ConsolidationJournal + + V V Debit 400 20,000 0 0 0 0 0 2,000 3,000 890 * 890 x 0 0 Credit 0 0 10,000 1,000 500 8,010 890 0 0 0 6,000 91,990 0 0 10,000 1,000 500 8,010 890 0 0 0 0 101,100 * 6,000 x A