Please need help here.

Priya Corporation acquired 80 percent of Sheldon Company stock on January 1, 2020 for $770,400 cash. The fair market value of the 20 percent noncontrolling interest on this date was $192,600. Following are trial balances of Priya Corporation and Sheldon Company as of December 31, 2020: Cash Accounts Receivable Inventory Investment in Sheldon Corp. Buildings Land Equipment Cost of Goods Sold Depreciation Expense, Building Depreciation Expense, Equipment Selling & Administrative Expense Dividends Declared Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained Earnings (01/01/2020) Sales Income from Sheldon Corp. $ $ $ $ $ $ $ $ $ $ $ $ PRIYA CORPORATION Debit Credit 722,200 294,000 473,000 794,400 625,000 790,000 531,000 382,000 62,500 53,100 173,000 80,000 $ 187,500 $ 318,600 $ 178,000 $ 500,000 $ 650,000 $ 1,528,200 $ 809,000 $ 740,900 $ 68,000 4,980,200 $ 4,980,200 SHELDON COMPANY Debit Credit $ 226,700 $ 194,000 $ 159,000 $ $ 196,000 $ 238,000 $ 223,000 $ 219,000 $ 12,900 $ 32,400 $ 118,600 $ 55,000 $ 38,700 $ 129,600 $ 174,900 $ - 78,400 $ 238,000 $ 317,000 $ 195,000 $ 503,000 $ $ 1,674,600 $ 1,674,600 $ Additional Information: 1. On January 1, 2020 the fair market value of Sheldon's assets equaled their book value with the exception of: Inventory - was overvalued by $7,000 (all this inventory was sold during 2020). Building - was overvalued by $42,000 (remaining useful life was estimated to be 15 years). Land - was by undervalued $57,000. Equipment - was undervalued by $78,000 (remaining useful life was estimated to be 4 years). The new Goodwill from the acquisition was impaired by $25,400 at year-end. 2. Priya Corporation uses the (full) equity method to account for its Investment in Sheldon Company. 3. The general ledger numbers given above (HINT: those in boldface) include the effects of the JOURNAL ENTRIES that were recorded by Priya at the acquisition date and during 2020 to account for its investment in Sheldon Company. These boldface figures should be used a check figures in your solution. Required: a. Analyze the Investment in Sheldon account as of the acquisition date. Determine the total "differential" and then break this amount out into the excess cost detail and (new) goodwill components. FOR FULL CREDIT (AND JUST AS YOU DID FOR ASSIGNMENT 2) PLEASE BE SURE TO CLEARLY LABEL YOUR DETAIL. (20 POINTS) Fair Value of Consideration given from Priya Company to Sheldon's Shareholders: $ PLUS: Fair Value of Any Noncontrolling Interest + $ EQUALS: Total Fair Value MINUS: Book Value of Sheldon Company's Net Identifiable Assets $ EQUALS: Differential ( = Excess Value) $ MINUS: Identifiable Excess $ EQUALS: New Goodwill $ b. Recreate the 4 JOURNAL ENTRIES recorded by Priya with regard to its investment in Sheldon Company on January 1, 2020 and during 2020. AS IN ASSIGNMENT 2, TO RECEIVE FULL CREDIT PLEASE BE SURE TO SHOW YOUR DETAILED WORK FOR YOUR JOURNAL ENTRY. (20 POINTS) c. Using your information from b. above, calculate the 12/31/20 balances for Priya Company's Investment in Sheldon and Income from Sheldon accounts. Use the T accounts provided below. USE THIS AS A CHECK BEFORE PROCEEDING. (O POINTS) Priya Company's General Ledger Investment in Sheldon Income from Sheldon d. Prepare the 3 REQUIRED CONSOLIDATION WORKSHEET ENTRIES (BCE, AEVRE, & EVRE) on December 31, 2020. IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWERS PLEASE BE SURE TO SHOW YOUR WORK RELATED TO THE DOLLAR AMOUNTS FOR NCINI, NCINA, INCOME FROM SHELDON AND INVESTMENT IN SHELDON. 8 POINTS ARE ASSIGNED TO THIS WORK. (40 POINTS) BASIC CONSOLIDATION ENTRY (12 POINTS) AMORTIZATION OF EXCESS VALUE RECLASSIFICATION ENTRY (10 POINTS) I (REMAINING) EXCESS VALUE RECLASSIFICATION ENTRY (18 POINTS) e. Prepare the consolidation worksheet for the period ended December 31, 2020. You may use the template provided below OR the template on the next page. (50 POINTS) PRIYA CORPORATION Consolidation Worksheet For the Period Ending December 31, 2020 Accounts PRIYA'S G/L SHELDON'S G/L CONSOLIDATION ENTRIES Debit Credit Consolidated Totals Income Statement Sales $ 1,243,900 Less Less: Less: Less Less s S $ $ $ 740,900 $ (382,000) $ (62,500) S (53,100) (173,000) $ 503,000 (219,000) (12,900) (32,400) (118,600) Cost of Goods Sold Depreciation Expense, Building Depreciation Expense, Equipment Selling & Administrative Expense Goodwill Impairment Loss Income from Sheldon Corp. Consolidated Net Income NCI in Net Income Controlling Interest in Net Income $ $ 68,000 138,300 $ 120,100 $ 138,300 $ 120,100 Statement of Retained Eamings Retained Earnings (01/01/2020) Net income (above) Dividends Declared Retained earnings, 12/31/20 $ $ S $ 809,000 $ 138,300 $ (80,000) $ 867,300 $ 195,000 120,100 (55,000) 260,100 Balance Sheet Cash Accounts Receivable Inventory Investment in Sheldon Corp. $ $ $ $ 722,200 294,000 473,000 794,400 $ s S 226,700 194,000 159,000 $ $ $ 948,900 488,000 632,000 Buildings Land Equipment Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Goodwill (NEW) Total Assets $ $ $ $ $ 625,000 $ 790,000 $ 531,000 $ (187,500) $ (318,600) $ 196,000 238,000 223,000 (38,700) (129,600) $ 3,723,500 $ 1,068,400 $ $ 352,900 578,400 Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained earnings, 12/31/20 (above) NCI in Net Assets $ $ $ $ $ 178,000 500,000 650,000 1,528,200 867,300 $ $ $ S $ 174,900 78,400 238,000 317,000 260,100 Total abilities & Stockholders' Equity $ 3,723,500 $ 1,068,400 $ 1.154,400 S 1,154,400 NET ASSETS (CONTROLUNG INTEREST) ASSETS - LIABILITIES - NCINA ASSETS - UABILITIES TOTAL STOCKHOLDERS' EQUITY TOTAL STOCKHOLDERS' EQUITY (CONTROLLING INTEREST)