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On January 1, 2020, Nylah Corporation issued 10,000 shares of its own $10 par value common stock for 9,000 shares of the outstanding stock of Berry Corporation in an acquisition. Nylah common stock at January 1, 2020 was selling at $70 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Nylah Book Value Berry Book Value Cash Inventories Other current assets Land Plant and equipment-net $ 25,000 55,000 110,000 100,000 660,000 $ 950,000 $ 12,000 32,000 90,000 30,000 250,000 $ 414,000 Berry Fair Value $ 12,000 36,000 110,000 90,000 375,000 $ 623,000 $ 50,000 Liabilities Capital stock, $10 par value Additional paid-in capital Retained earnings $ 220,000 500,000 170,000 60,000 $ 950,000 $ 50,000 100,000 40,000 224,000 $ 414,000 Required: 1. Show preliminary computations. (4 Points). 2. Prepare a schedule to allocate excess of cost over book value (7 points). 3. Prepare the journal entry on Nylah Corporation's books to account for the business combination (3 points). 4. Prepare a consolidated balance sheet for Nylah Corporation and Subsidiary immediately after the business combination on page 9. You must properly label all items. (12 points). You need to complete the working paper on next page 8 before you can prepare the consolidated balance sheet (17 points). 5. Give all eliminating journal entries on this page (7 points). On January 1, 2020, Nylah Corporation issued 10,000 shares of its own $10 par value common stock for 9,000 shares of the outstanding stock of Berry Corporation in an acquisition. Nylah common stock at January 1, 2020 was selling at $70 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Nylah Book Value Berry Book Value Cash Inventories Other current assets Land Plant and equipment-net $ 25,000 55,000 110,000 100,000 660,000 $ 950,000 $ 12,000 32,000 90,000 30,000 250,000 $ 414,000 Berry Fair Value $ 12,000 36,000 110,000 90,000 375,000 $ 623,000 $ 50,000 Liabilities Capital stock, $10 par value Additional paid-in capital Retained earnings $ 220,000 500,000 170,000 60,000 $ 950,000 $ 50,000 100,000 40,000 224,000 $ 414,000 Required: 1. Show preliminary computations. (4 Points). 2. Prepare a schedule to allocate excess of cost over book value (7 points). 3. Prepare the journal entry on Nylah Corporation's books to account for the business combination (3 points). 4. Prepare a consolidated balance sheet for Nylah Corporation and Subsidiary immediately after the business combination on page 9. You must properly label all items. (12 points). You need to complete the working paper on next page 8 before you can prepare the consolidated balance sheet (17 points). 5. Give all eliminating journal entries on this page (7 points)