Please help me prepare all consolidated entries needed to prepare a full set of consolidated financial statements

ceiver Home - > Students Value, Inventory Transfers - ACC-405-R2475 Advanced.. Acquired a Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $112,700. At that date, the noncontrolling interest had a fair value of $48,300 and Soda reported $71,000 of common stock outstanding and retained earnings of $31,000. The differential is assigned to buildings and equipment, which had a fair value $28,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $31,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Pop Corporation Soda Company Item Debit Credit Debit Credit Cash & Accounts Receivable $ 16, 400 $ 22, 600 Inventory 166, 000 36, 000 Land 81,000 41, 000 ces Buildings & Equipment 350, 000 261, 000 Investment in Soda Company 117 , 200 Cost of Goods Sold 187 , 000 80, 800 Depreciation Expense 20, 000 15 , 000 Interest Expense 17, 000 6, 200 Dividends Declared 31, 000 16, 000 Accumulated Depreciation $141, 000 $ 85, 000 Accounts Payable 93, 400 36, 000 Bonds Payable 219 , 250 94, 000 Bond Premium 1 , 600 Common Stock 121, 000 71, 000 Retained Earnings 128 , 900 261, 000 61, 000 Sales 130 , 000 Other Income 10 , 600 Income from Soda Company 10, 450 $985 , 600 $985 , 600 $478 , 600 $478 , 600 On December 31, 20X2, Soda purchased inventory for $31,500 and sold it to Pop for $45,000. Pop resold $30,000 of the inventory (i.e., $30,000 of the $45,000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3. During 20X3, Soda sold inventory purchased for $56,000 to Pop for $80,000, and Pop resold all but $25,000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $15,000 to Soda for $30,000. Soda sold all but $7,800 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition. Mc Graw Next > Hill