Price Company acquired $100\%$ of the common stock of Sale Company on December $31,20$X$1,$ by issuing $26,000$ shares of its $$10$ par common stock. On $12/31/$X$1,$ Price$$s common stock was selling for $$47$ per share. On that date, the fair value of Sale$$s net assets were equal to their book values except for the following:

Fair Value

Inventory $163,000$

Buildings & Equipment $468,500$

Land $524,700$

Bonds Payable $160,000$

Sale$$s buildings and equipment have an estimated remaining useful life of $20$ years and Salsa$$s bonds mature in $8$ years. Sour uses FIFO to account for its inventory.

At December $31,20$X$1$ and $20$X$2,$ Sale owed Price $$86,000$ on account. There were no intercompany receivables$/$payables at $12/31/20$X$3.$

At December $31,20$X$2,$ management determined that goodwill had been impaired by $$24,000.$

Required: Prepare the consolidation workpapers for $20$X$1,20$X$2$ and $20$X$3.$ The workbook $($containing all three years$)$ is posted on Blackboard. This problem does not require you to prepare the parent$$s equity method entries but you may find it helpful to do so$.$ Only the Excel workbook, with all three years completed, needs to be submitted.

To submit this assignment, follow instructions on Blackboard where this assignment is posted.