Polite Company acquired 100 percent of Solid Company's common stock on January 1, 2022 tion follow: At the date of the business combination, the book values of Solid's net assets and liabilities approximated fair value except for inventory, which had a fair value of $37,500, and land, w had a fair value of $54,000. a) Prepare the equity method entries on Polite's books for the acquisition of Solid on January 1, 2022. (10 points) b) Give the basic consolidation entry on the date of combination. (15 points)