power Corporation acquired 75 perors of Best Companys ownership on January 1,20X8tr000. At that date, the fair value d he noncontroing rwest was s32,000. The book vaue of Best's net nse aousition was $100.000. The book values and tar values of Beers assets and liabilties wer" equal. except for Best's buidings and equipment, which wene worth $20,000 more than book value. Accumulated depreciation on the buildings and equipment was $30,000 on the acquisition dabe. Buildinge and eq ioment are depreciated on a 10-year basis Although goodwll is not amortized, the managament of Power concluded at December 31, 20X8, that goodwill from its purchase of Best shares had been impaired and the comect carrying amount was 82,30 Goodwil and goodwll impairment were assigned proportionately to the controliling and nonconrol ing Trial balance data for Power and Best on December 31, 20xB, are as foilows Power Corporation Best Company Debit Credit Debit Credt 5 47.500 21,000 12.000 25,000 15,000 Accounts Recelvable 90,000 Buildings & Equipment Investment in Best Ca. Stock Cost of Goods Sold 350.000 8.375 110.000 27,000 10,000 Wage Expense 42,000 Interest Expense Other Expenses Dividends Declared 13,500 $145.000 45,000 17,000 50,000 200,000 102,000 260,000 $ 40.000 18.000 9.000 50,000 60.000 40 000 Accounts Payable Wages Payable Notes Payable Common Stock Retained Eamings Income from Subsidiary $931,375 $ 931,375 $395.000 $ 395,000 Required: a. Record all consolidation entries needed to prepare a three-part consclidation worksheet as of Decamber 1, 20x8. (If no entry is required for a transactionievent, select "No journal entry required" in the first account field.) Ch. 5 Graded Homework Assignment Worksheet Entries Record the excess value (differential) reclassification entry Note: Enter debits before credits Debit Credit Entry Accounts power Corporation acquired 75 perors of Best Companys ownership on January 1,20X8tr000. At that date, the fair value d he noncontroing rwest was s32,000. The book vaue of Best's net nse aousition was $100.000. The book values and tar values of Beers assets and liabilties wer" equal. except for Best's buidings and equipment, which wene worth $20,000 more than book value. Accumulated depreciation on the buildings and equipment was $30,000 on the acquisition dabe. Buildinge and eq ioment are depreciated on a 10-year basis Although goodwll is not amortized, the managament of Power concluded at December 31, 20X8, that goodwill from its purchase of Best shares had been impaired and the comect carrying amount was 82,30 Goodwil and goodwll impairment were assigned proportionately to the controliling and nonconrol ing Trial balance data for Power and Best on December 31, 20xB, are as foilows Power Corporation Best Company Debit Credit Debit Credt 5 47.500 21,000 12.000 25,000 15,000 Accounts Recelvable 90,000 Buildings & Equipment Investment in Best Ca. Stock Cost of Goods Sold 350.000 8.375 110.000 27,000 10,000 Wage Expense 42,000 Interest Expense Other Expenses Dividends Declared 13,500 $145.000 45,000 17,000 50,000 200,000 102,000 260,000 $ 40.000 18.000 9.000 50,000 60.000 40 000 Accounts Payable Wages Payable Notes Payable Common Stock Retained Eamings Income from Subsidiary $931,375 $ 931,375 $395.000 $ 395,000 Required: a. Record all consolidation entries needed to prepare a three-part consclidation worksheet as of Decamber 1, 20x8. (If no entry is required for a transactionievent, select "No journal entry required" in the first account field.) Ch. 5 Graded Homework Assignment Worksheet Entries Record the excess value (differential) reclassification entry Note: Enter debits before credits Debit Credit Entry Accounts