PLEASE HELP

Purchase Corporation purchased 60 percent of Steal Company ownership on January 1, 20X7, for $277.500. Steal reported the following net income and dividend payments: Net Year Income 29x7 $45, 29x8 55.99 29x930,000 Dividends Paid $ 25,000 35,800 10. eae On January 1, 20X7, Steal had $250,000 of $5 par value common stock outstanding and retained earnings of $150,000, and the fair value of the noncontrolling interest was $185.000. Steal held land with a book value of $22.500 and a market value of $30,000 and equipment with a book value of $320.000 and a market value of $360.000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of 10 years. All depreciable assets held by Steal at the date of acquisition had a remaining economic life of eight years. Required: a. Compute the increase in the fair value of patents held by Steal. Answer is complete and correct. Increase in fair s 15.000 value b. Prepare the consolidation entries needed at January 1, 20X7. to prepare a consolidated balance sheet. (If no entry is requlred for a transaction/event, select "No Journal entry requlred" In the first account field.) Answer is not complete. No Event Accounts Credit Common stock Retained earnings Debit 250,000 150,000 c. Compute the balance reported by Purchase as its investment in Steal at December 31, 20X8. Answer is complete and correct. Investment in Steals 293,700 d. Prepare the journal entries recorded by Purchase with regard to its investment in Steal during 20X9. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) * Answer is complete but not entirely correct. No Event General Journal Credit Debit 6,000 % Cash Investment in Steal Corporation 6,000 X 18,000 X Investment in Steal Corporation Income from Steal Corporation 18.000 X 3.900 Income from Steal Corporation Investment in Steal Corporation 3.900 e. Prepare the consolidation entries needed at December 31, 20X9. to prepare a three-part consolidation worksheet. (If no entry Is required for a transaction/event, select "No journal entry required" In the first account field.) e. Prepare the consolidation entries needed at December 31, 20X9. to prepare a three-part consolidation worksheet. (If no entry Is required for a transaction/event, select "No journal entry required" In the first account field.) Answer is not complete. No Event Accounts Credit Debit 14,100 Income from Steal Corporation Dividends declared Investment in Steal Corporation 6,000 $ 8,100 X 9.400 X Income from Steal Corporation Dividends declared NCI in NA of Steal Corporation 4,000 x 5.400 X 250,000 X 190.000 Common stock Retained earnings Investment in Steal Corporation NCI in NA of Steal Corporation 293.700 X 195,800