Prepare the entries and consolidation working paper.

Roocky Company acquires all of Bamboo Company's 90% shares for 8,000 shares. Given below are the statement of financial position as of December 1, 2020, the acquisition date. Market value per share were P22.00. Bamboo's Net assets' book value and fair value are equal. Roocky Bamboo Current Value Market Value Cash 230,000.00 Accounts Receivable 40,000.00 32,000.00 30,000.00 Short-term investment 60,000.00 10,000.00 10,000.00 Inventory 50,000.00 20,000.00 30,000.00 Insurance 12,000.00 Equipment - net 180,000.00 158,000.00 163,000.00 Trademark 298,000.00 300,000.00 Total Assets 572,000.00 518,000.00 Accounts Payable 230,000.00 150,000.00 150,000.00 Bonds Payable 100,000.00 245,000.000 250,000.00 Common Stock 10 Par 175,000.000 32,000.00 Additional Paid- In Capital 47,000.00 70,000.00 Retained Earnings 20,000.00 21,000.00 Total Liabilities and Equity 572,000.00 518,000.00