Problem 1 Paul and Co. acquired a 90% interest in Shaq \& Co. for $450,000 in cash on January 1,2019. Paul \& Co. uses the simple equity method: \begin{tabular}{|l|r|} \hline Assets: & \\ \hline Current assets & $150,000 \\ \hline Depreciable assets, net & 200,000 \\ \hline & $350,000 \\ \hline & \\ \hline \end{tabular} The excess of the price paid over book value is attributable to Fixed ssets which have a value of $350,000, with the balance being Goodwill. The depreciable assets have a 10 year remaining life. Paul uses the simple equity method to record its nvestment in Shaq \& Co. The following trial balances of the 2 companies are prepared on December 31, 2019: 1 Prepare a determination and distribution of excess schedule for the investment 2 Prepare all the elimination and adjustment journal entries that would be made at December 31,2019. Problem 2 The trial balances of Paul and Shaq for December 31, 2020 are presented below as follows: Prepare all elimination and adjustment entries that would be made on the 2020 consolidated worksheet Problem 1 Paul and Co. acquired a 90% interest in Shaq \& Co. for $450,000 in cash on January 1,2019. Paul \& Co. uses the simple equity method: \begin{tabular}{|l|r|} \hline Assets: & \\ \hline Current assets & $150,000 \\ \hline Depreciable assets, net & 200,000 \\ \hline & $350,000 \\ \hline & \\ \hline \end{tabular} The excess of the price paid over book value is attributable to Fixed ssets which have a value of $350,000, with the balance being Goodwill. The depreciable assets have a 10 year remaining life. Paul uses the simple equity method to record its nvestment in Shaq \& Co. The following trial balances of the 2 companies are prepared on December 31, 2019: 1 Prepare a determination and distribution of excess schedule for the investment 2 Prepare all the elimination and adjustment journal entries that would be made at December 31,2019. Problem 2 The trial balances of Paul and Shaq for December 31, 2020 are presented below as follows: Prepare all elimination and adjustment entries that would be made on the 2020 consolidated worksheet