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Please solve and show work Assume at the beginning of the year (X1) Lorraine Co. exchanged 10,000 shares of par 1 common stock for all

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Assume at the beginning of the year (X1) Lorraine Co. exchanged 10,000 shares of par 1 common stock for all of the common stock of CandyLand. At the time, Candyland had assets with book value of 500,000 and liabilities with book value of 250,000. The fair value of the assets was 450,000 and the fair value of the liabilities was 150,000. Lorraine's stock traded at year-end at 60 per share. The AAP was appropriately and accurately allocated to Goodwill and to PPE having a remaining useful life of 5 years. During the year of the acquisition (X1) CandyLand had income of 200,000 and paid 15,000 in dividends. During the year subsequent to the acquisition (X2) Candyland had income of 175,000 and paid 25,000 in dividends. What amount of goodwill would be reported on the year-end balance sheet. What would be the Investment in Subsidiary on Lorraine's year-end balance sheet. Indicate the journal entry necessary to record the purchase. Leave a cell blank if there is no entry in that cell. Account Debit Credit What was the balance in the Equity Investment in Sub account on Lorraine's books at the end of X1? (Assume that depreciation and amortization related to the AAP assets have been properly recorded. What was the balance in the Equity Investment in Sub account on Lorraine's books at the end of X2? (Assume that depreciation and amortization related to the AAP assets have been properly recorded. Show the "C" eliminating entry at the end of X1. Show the "C" eliminating entry at the end of X2. Account Debit Credit Account Debit Credit Show the "A" eliminating entry at the end of X2. The account shown may have either a debit or credit entry. Account Debit Credit Investment in Sub

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