please provide the 7 required solution and please provide 100% correct answer

9 10 Information Purple, Inc., and Silver, Inc. formed a business combination on January 1, 2018 when Purple acquired a 11 percentage of the outstanding shares of Silver. The details of the acquisition are given below - 12 13 Percentage acquired by Purple 90% Acquisition Value $ 1,261,568.00 Silver's book value on date of acquisition $ 680,000,00 Note: The acquisition price was considered proportionate to Silver's total fair value. 18 Any excess acquisition value should be allocated to the following identifiable assets: 19 Trademarks are undervalued by $ 58,000.00 Remaining useful life of trademarks An unrecorded patent is valued at 38,000.00 Remaining life of patent 23 Any remaining excess acquisition-date fair value was assigned to goodwill. 24 14 15 16 17 10 yrs 20 21 $ 20 yrs 25 Since the date of acquisition, Purple has applied the equity method to its Investment in Silver account for 26 internal record-keeping purposes, no goodwill impairment has occurred. 27 28 29 lover the years, intercompany inventory sales between the two companies have been made and are summarized 30 below: 31 Cost to Transfer Price Ending Balance 32 Year Purple to Silver (at transfer price) 33 34 2018 90,000 117,000 30,000 35 2019 100,000 150,000 50,000 36 2020 97,100 156,000 41,440 37 2021 105,000 115,000 23,680 38 39 40 On January 1, 2019, Purple sold land to Silver. Information related to this sale is Original cost to Purple $ 170,000.00 42 Transfer Price $ 250,000.00 43 44 On January 2, 2020, Silver sold a building to Purple Details related to this transactions are: 45 Original cost to Silver $ 190,000.00 46 Accumulated depreciation at time of transfer $ 101,300.00 47 Transfer price $ 150,000.00 Data Ready J29 Xfx B E F G H 38 41 39 40 On January 1, 2019, Purple sold land to Silver. Information related to this sale is: Original cost to Purple $ 170,000.00 42 Transfer Price $ 250,000.00 43 44 On January 2, 2020, Silver sold a building to Purple. Details related to this transactions are: 45 Original cost to Silver $ 190,000.00 46 Accumulated depreciation at time of transfer $ 101,300.00 47 Transfer price $ 150,000.00 48 Remaining useful life 49 50 On January 2, 2021, Purple bought equipment from Silver. Details related to this transactions are: 51 Original cost to Silver $ 155,000.00 52 The equipment was being depreciated over 10 years using the SL method. 53 Transfer price $ 160,000.00 54 Remaining useful life 55 56 7 yrs. 5 yrs. C G D E A 56 57 The financial statements for Silver as of December 31, 2021, and the year then ended follow 58 Silver, Inc. 59 Sales S (925,000.00) 60 514,000.00 Cost of goods sold 61 165,000.00 62 Operating and interest expenses 63 Income of Silver 64 Net Income $ (246,000.00) 65 66 Retained carnings, 1/1 $ (580,000.00) 67 (246,000.00) Net income (above) 6,000.00 Dividends declared 68 69 Retained earnings, 12/31 $ (820,000.00) 70 $ Cash and receivables 71 160,000.00 72 Inventory 305,000.00 73 Buildings (net) 450,000.00 74 Equipment (net) 520,000.00 75 Other assets 105,000.00 76 Total assets $ 1,540,000.00 77 78 Liabilities $ (570,000.00) 79 Common Stock (150,000.00) 80 Retained carnings, 12/31 (820,000.00) 81 Total liabilities & equities S(1.540,000.00) 82 83 Required: 84 1. Prepare a schedule for the acquisition-date fair value allocations and amortization. 85 2. Determine the amounts recorded in the "Investment in Silver" account and in the non-controlling 86 interest account at () December 31,2020 and (b) December 31, 2021 B7 3. Reconcile the "Investment in Silver" account to the subsidiary's equity accounts at December 88 31, 2020 89 4. Reconcile the "Non-controlling interest" to the subsidiary's cquity accounts at December 31, 2020. 90 5. Calculate the "Equity in Silver's Income" to be reported on Purple' books at December 31. 91 2020 92 6. Calculate the Non-controlling Interest's share of Silver's income for the year ended 93 December 31, 2021 94 17. Prepare the consolidating journal entries to be shown on the consolidation worksheet 95 at December 31, 2021 96 97 Data + Ready 9 10 Information Purple, Inc., and Silver, Inc. formed a business combination on January 1, 2018 when Purple acquired a 11 percentage of the outstanding shares of Silver. The details of the acquisition are given below - 12 13 Percentage acquired by Purple 90% Acquisition Value $ 1,261,568.00 Silver's book value on date of acquisition $ 680,000,00 Note: The acquisition price was considered proportionate to Silver's total fair value. 18 Any excess acquisition value should be allocated to the following identifiable assets: 19 Trademarks are undervalued by $ 58,000.00 Remaining useful life of trademarks An unrecorded patent is valued at 38,000.00 Remaining life of patent 23 Any remaining excess acquisition-date fair value was assigned to goodwill. 24 14 15 16 17 10 yrs 20 21 $ 20 yrs 25 Since the date of acquisition, Purple has applied the equity method to its Investment in Silver account for 26 internal record-keeping purposes, no goodwill impairment has occurred. 27 28 29 lover the years, intercompany inventory sales between the two companies have been made and are summarized 30 below: 31 Cost to Transfer Price Ending Balance 32 Year Purple to Silver (at transfer price) 33 34 2018 90,000 117,000 30,000 35 2019 100,000 150,000 50,000 36 2020 97,100 156,000 41,440 37 2021 105,000 115,000 23,680 38 39 40 On January 1, 2019, Purple sold land to Silver. Information related to this sale is Original cost to Purple $ 170,000.00 42 Transfer Price $ 250,000.00 43 44 On January 2, 2020, Silver sold a building to Purple Details related to this transactions are: 45 Original cost to Silver $ 190,000.00 46 Accumulated depreciation at time of transfer $ 101,300.00 47 Transfer price $ 150,000.00 Data Ready J29 Xfx B E F G H 38 41 39 40 On January 1, 2019, Purple sold land to Silver. Information related to this sale is: Original cost to Purple $ 170,000.00 42 Transfer Price $ 250,000.00 43 44 On January 2, 2020, Silver sold a building to Purple. Details related to this transactions are: 45 Original cost to Silver $ 190,000.00 46 Accumulated depreciation at time of transfer $ 101,300.00 47 Transfer price $ 150,000.00 48 Remaining useful life 49 50 On January 2, 2021, Purple bought equipment from Silver. Details related to this transactions are: 51 Original cost to Silver $ 155,000.00 52 The equipment was being depreciated over 10 years using the SL method. 53 Transfer price $ 160,000.00 54 Remaining useful life 55 56 7 yrs. 5 yrs. C G D E A 56 57 The financial statements for Silver as of December 31, 2021, and the year then ended follow 58 Silver, Inc. 59 Sales S (925,000.00) 60 514,000.00 Cost of goods sold 61 165,000.00 62 Operating and interest expenses 63 Income of Silver 64 Net Income $ (246,000.00) 65 66 Retained carnings, 1/1 $ (580,000.00) 67 (246,000.00) Net income (above) 6,000.00 Dividends declared 68 69 Retained earnings, 12/31 $ (820,000.00) 70 $ Cash and receivables 71 160,000.00 72 Inventory 305,000.00 73 Buildings (net) 450,000.00 74 Equipment (net) 520,000.00 75 Other assets 105,000.00 76 Total assets $ 1,540,000.00 77 78 Liabilities $ (570,000.00) 79 Common Stock (150,000.00) 80 Retained carnings, 12/31 (820,000.00) 81 Total liabilities & equities S(1.540,000.00) 82 83 Required: 84 1. Prepare a schedule for the acquisition-date fair value allocations and amortization. 85 2. Determine the amounts recorded in the "Investment in Silver" account and in the non-controlling 86 interest account at () December 31,2020 and (b) December 31, 2021 B7 3. Reconcile the "Investment in Silver" account to the subsidiary's equity accounts at December 88 31, 2020 89 4. Reconcile the "Non-controlling interest" to the subsidiary's cquity accounts at December 31, 2020. 90 5. Calculate the "Equity in Silver's Income" to be reported on Purple' books at December 31. 91 2020 92 6. Calculate the Non-controlling Interest's share of Silver's income for the year ended 93 December 31, 2021 94 17. Prepare the consolidating journal entries to be shown on the consolidation worksheet 95 at December 31, 2021 96 97 Data + Ready