Power Company acquired 80 percent of Solar Company's outstanding common stock for $200,000 cash on January 2, 2021. The two companies continued to operate as separate entities after the combination. Fair value of the noncontrolling interest was $50,000 at the date of acquisition. At the date of combination Power owed Solar $12,500 on account. Immediately after the combination on January 2, 2021, the book values and fair values of the companies' assets and liabilities were as follows: Cash Receivables Inventory Investment in Solar Land Buildings and equipment (-) Accumulated depreciation Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Equity Power Company Book value $75,000 150,000 100,000 200,000 240,000 120,000 -20,000 $865,000 $155,000 165,000 200,000 345,000 $865,000 Required: a) Give the equity method journal entry. (4 points) b) Give the basic consolidation entry. (12 points) Solar Company Book value $8,700 78,300 35,000 82,500 87,000 -10,500 $281,000 $45,000 32,000 80,000 124,000 $281,000 Fair value $8,700 78,300 43,000 96,000 83,000 $45,000 32,000 c) Give excess value (differential) reclassification entry at the date of acquisition. (18 points) d) Give the accumulated depreciation consolidation entry. (4 points) e) Give the entry to eliminate intercompany accounts. (4 points) f) What is the balance of land in the consolidated balance sheet as of January 2, 2021? (4 points) g) What is the balance of common stock in the consolidated balance sheet as of January 2, 2021? (4 points) h) What is the amount of total assets in the consolidated balance sheet as of January 2, 2021? (5 points) i) What is the amount of total stockholders' equity in the consolidated balance sheet as of January 2, 2021? (5 points)