Problem 5) (10 points) Petrucelli Corporation acquirnd a 75\% intereit in Swampy Conpany on January 1, 2021, for $2,000,000. The book value and fair value of the assets and liatilities of Swampy Compary on that da4e were as followx: The property and equipment had a rcaaining life of 6 years oe January 1, 2021, and the defcrred charge was being amortized over a period of 5 years from that date. Common stock was $1,500,000 and retained eamings was $900,000 on Jamaary 1, 2021. Petrucelti Company records its investment in Swampy Company using the cost method. Required: Prepare, in general journal farm, the December 31,2026 , workpaper cutries necesary to: A. Eliminate the inveatment accoust. B. AHocate and amortize the differeace between implizd and book value. Problem 5) (10 points) Petrucelli Corporation acquirnd a 75\% intereit in Swampy Conpany on January 1, 2021, for $2,000,000. The book value and fair value of the assets and liatilities of Swampy Compary on that da4e were as followx: The property and equipment had a rcaaining life of 6 years oe January 1, 2021, and the defcrred charge was being amortized over a period of 5 years from that date. Common stock was $1,500,000 and retained eamings was $900,000 on Jamaary 1, 2021. Petrucelti Company records its investment in Swampy Company using the cost method. Required: Prepare, in general journal farm, the December 31,2026 , workpaper cutries necesary to: A. Eliminate the inveatment accoust. B. AHocate and amortize the differeace between implizd and book value