Presumably Smart and Serious (P+S1+S2) On 1/1/B P purchases .8 of S1 and .7 of S2 outstanding voting common stock for 150 and 210 (assume \$millions). Assorted data: Also: on 1/1/B, S1 assets with a nbv of 100 have fmv of 122.5, to be depreciated over 6 years; S2 assets with a nbv of 130 have a fmv of 200, amortized over 7 years. During year B, P had an unconfirmed downstream gain on a sale to $1 of 4 and a confirmation of a previous loss on sale to S2 of 5;S1 had a confirmation of a previous upstream gain of 6 , and S2 had an unconfirmed upstream loss of 3 . Directions: 1. Remain calm. 2. Have a drink of your favorite beverage. 3. Prepare DOA reconciliation(s). 4. Prepare P's equity method entries for year B. 5. Note P's total III. 6. Prepare the "SQEF" for P+S1+S2. 7. Provide the following: a. total III b. total GW (S1+S2) c. ML/NCI% of SGW d. P's \% of S' GW e. P's confirmed separate income f. S1 confirmed Net Income g. S2 confirmed Net Income h. (total consolidated) Net Income i. allocation to MI/NCl j. allocation to controlling/majority interest (P's \%) k. DOA (consolidated OE) balance, Noncontrolling Interest Presumably Smart and Serious (P+S1+S2) On 1/1/B P purchases .8 of S1 and .7 of S2 outstanding voting common stock for 150 and 210 (assume \$millions). Assorted data: Also: on 1/1/B, S1 assets with a nbv of 100 have fmv of 122.5, to be depreciated over 6 years; S2 assets with a nbv of 130 have a fmv of 200, amortized over 7 years. During year B, P had an unconfirmed downstream gain on a sale to $1 of 4 and a confirmation of a previous loss on sale to S2 of 5;S1 had a confirmation of a previous upstream gain of 6 , and S2 had an unconfirmed upstream loss of 3 . Directions: 1. Remain calm. 2. Have a drink of your favorite beverage. 3. Prepare DOA reconciliation(s). 4. Prepare P's equity method entries for year B. 5. Note P's total III. 6. Prepare the "SQEF" for P+S1+S2. 7. Provide the following: a. total III b. total GW (S1+S2) c. ML/NCI% of SGW d. P's \% of S' GW e. P's confirmed separate income f. S1 confirmed Net Income g. S2 confirmed Net Income h. (total consolidated) Net Income i. allocation to MI/NCl j. allocation to controlling/majority interest (P's \%) k. DOA (consolidated OE) balance, Noncontrolling Interest