Priva Corporation acquired 70 percent of Sheldon Company stock, on January 1,2022 for $713,020 cash. The fair market value of the 30 percent noncontrolling interest on this date was $305,580. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as of Additional Information: 1. On January 1, 2022 the fair market value of Sheldon's assets equaled their book value with the exception of: Inventory - was overvalued by $9,300 (all this inventory was sold during 2022). Building - was undervalued by $76,000 (remaining useful life was estimated to be 5 vears). Land - was by undervalued $48,000. Equipment - was overvalued by $21,500 (remaining useful life was estimated to be 10 years). The new Goodwill from the acquisition was impaired by $21,680 at year-end. 2. Priya Corporation uses the (full) equity method to account for its Investment in Sheldon Company 3. The general ledger numbers given above (HINT: those in boldface) include the effects of the JOURNAL ENTRIES that were recorded by Priya at the acquisition date and during 2022 to account for its investment in Sheldon Company. These bo/dface figures should be used a check figures in your solution Required: a. Analyze the Investment in Sheldon accoun: Determine the total "differential" and then break this amount out into the excess cost detail and (new) goodwill components. FOR FULL CREDIT (AND JUST AS YOU DID FOR ASSIGNMENT 2) PLEASE BE SURE TO CLEARLY LABEL YOUR DETAIL. (5 POINTS) b. Recreate the 4 JOURNAL ENTRIES recorded by Priya with regard to its investment in Sheldon Company on January 1, 2022 and AS IN ASSIGNMENT 2, TO RECEIVE FULL CREOIT PLEASE BE SURE TO SHOW YOUR DETAILED WORK FOR YOUR JOURNAL ENTRY. (6 POINTS) c. Using your information from b. above, calculate the 12/31/22 balances for Priya Company's Investment in Sheldon and Income from Sheldon accounts. Use the T accounts provided below. (2 POINTS) Priya Company's General Ledger d. Prepare the 3 REQUIRED CONSOLIDATION WORKSHEET ENTRIES (BCE, AEVRE, \& EVRE) on IN ORDER TO RECEIVE FULL CREDIT FOR YOUR ANSWERS PLEASE BE SURE TO SHOW YOUR WORK RELATED TO THE DOLLAR AMOUNTS FOR NCINI, NCINA, INCOME FROM SHELDON AND INVESTMENT IN SHELDON. (15 POINTS) BASIC CONSOLIDATION ENTRY (4 POINTS) AMORTIZATION OF EXCESS VALUE RECLASSIFICATION ENTRY (5 POINTS) [REMAINING) EXCESS VALUE RECLASSIFICATION ENTRY (6 POINTS) e. Prepare the consolidation worksheet for the period ended December 31, 2022. (12 PoINTS)