Priya Corporation acquired 100 percent of Sheldon Company stock on January 1, 2020 for $954,000 cash. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as of December 31, 2020 PRIYA CORPORATION SHELDON COMPANY Debit Credit Debit Credit Cash $ 549,600 $ 226,700 Accounts Receivable 294,000 194,000 Inventory 473,000 159,000 Investment in Sheldon Corp. 991,700 Buildings 625,000 196,000 Land 790,000 238,000 Equipment 531,000 223,000 Cost of Goods Sold 382,000 219,000 Depreciation Expense, Building 62,500 12,900 Depreciation Expense, Equipment 53,100 32,400 Selling & Administrative Expense 173,000 118,600 Dividends Declared 80,000 55,000 Accumulated Depreciation, Bldg $ 187,500 $ 38,700 Accumulated Depreciation, Equip 318,600 129,600 Accounts Payable 178,000 174,900 Bonds Payable 500,000 78,400 Common Stock ($1 par) 650,000 238,000 Additional Paid In Capital 1,528,200 317,000 Retained Earnings (01/01/2020) 809,000 195,000 Sales 740,900 503,000 Income from Sheldon Corp. 92,700 $ 5,004,900 $ 5,004,900 $ 1,674,600 $ 1,674,600 of : Additional Information: 1. On January 1, 2020 the fair market value of Sheldon's assets equaled their book value with the exception : Inventory was overvalued by $9,000 (all this inventory was sold during 2020). Building - was overvalued by $36,000 (remaining useful life was estimated to be 18 years). Land - was by undervalued $57,000. Equipment - was undervalued by $78,000 (remaining useful life was estimated to be 5 years). The new Goodwill from the acquisition was impaired by $22,800 at year-end. 2. Priya Corporation uses the (full) equity method to account for its Investment in Sheldon Company. REQUIRED: (20 POINTS TOTAL) ANSWER THE FOLLOWING QUESTIONS REGARDING THE 3 REQUIRED CONSOLIDATION ENTRIES. NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. THE BASIC CONSOLIDATION ENTRY WOULD INCLUDE: A DEBIT TO COMMON STOCK (S) IN THE AMOUNT OF: AJ A DEBIT TO ADDITIONAL PAID IN CAPITAL (S) IN THE AMOUNT OF A DEBIT TO RETAINED EARNINGS, 01/01/20 (S) IN THE AMOUNT OF: A A DEBIT TO INCOME FROM SHELDON CORP. (P) IN THE AMOUNT OF: A A CREDIT TO DIVIDENDS DECLARED (S) IN THE AMOUNT OF: A CREDIT TO INVESTMENT IN SHELDON CORP. (P) IN THE AMOUNT OF THE AMORTIZATION OF EXCESS VALUE RECLASSIFICATION ENTRY WOULD INCLUDE: A DEBIT TO DEPRECIATION EXPENSE, EQUIPMENT IN THE AMOUNT OF: A A DEBIT TO GOODWILL IMPAIRMENT LOSS IN THE AMOUNT OF: A CREDIT TO COST OF GOODS SOLD IN THE AMOUNT OF: A/ A CREDIT TO DEPRECIATION EXPENSE, BUILDING IN THE AMOUNT OF: A A CREDIT TO INCOME FROM SHELDON CORP IN THE AMOUNT OF: THE (REMAINING EXCESS VALUE RECLASSIFICATION ENTRY WOULD INCLUDE: A DEBIT TO NEW GOODWILL IN THE AMOUNT OF: A DEBIT TO EQUIPMENT IN THE AMOUNT OF: 4 A DEBIT TO LAND IN THE AMOUNT OF: A A DEBIT TO ACCUMULATED DEPRECIATION, BUILDING IN THE AMOUNT OF: A CREDIT TO BULDINGS IN THE AMOUNT OF: A/ A CREDIT TO ACCUMULATED DEPRECIATION, EQUIPMENT IN THE AMOUNT OF: A A CREDIT TO INVESTMENT IN SHELDON CORP IN THE AMOUNT OF