Please provide correct and complete information

GAGA AND BIEBER COMPANIES HAVE THE FOLLOWING BALANCE SHEETS ON JANUARY 1, 2016

GAGA BIEBER

CASH 10,000,000 500,000

A/R 5,000,000 200,000

EQUIPMENT 10,000,000 1,000,000

A/D EQUIPMENT 1,000,000 100,000

LAND 1,000,000 200,000

TOTAL ASSETS 25,000,000 1,800,000

NOTE PAYABLE 5,000,000 800,000

COMMON STOCK 10,000,000 600,000

RETAINED EARNINGS 10,000,000 400,000

ON JANUARY 2^ND GAGA ACQUIRED 80% OF THE OUTSTANDING STOCK OF BIEBER COMPANY FROM BIEBERS STOCKHOLDERS BY ISSUING 500,000 SHARES OF GAGA STOCK WHEN GAGA HAD A MARKET VALUE OF $5 PER SHARE. ON JANUARY 2^ND THE FAIR MARKET VALUE OF BIEBERS EQUIPMENT WAS $1,100,000 AND THE FAIR MARKET VALUE OF BIEBERS LAND WAS $50,000. BIEBER WILL CONTINUE TO EXIST AFTER THIS ACQUISITION.

Answer all of the following:

MAKE THE JOURNAL ENTRY GAGA MAKES WHEN IT ACQUIRES 80% OF THE STOCK OF BIEBER BY ISSUING ITS 500,000 SHARES

MAKE THE JOURNAL ENTRY BIEBER MAKES WHEN ITS STOCKHOLDERS SELL 80% OF THEIR STOCK TO GAGA FOR GAGA STOCK

PREPARE A CONSOLIDATED BALANCE SHEET ON JANUARY 3^RD

PREPARE ANY NECESSARY WORKSHEET ENTRIES NEEDED TO CONSTRUCT THE CONSOLIDATED BALANCE SHEET