Problem 5-9, I appreciate your help thank you!

Workpaper Entries and Consolidated Net Income for Year of Acquisition LO 6 On January I. 2019. Pump Company acquired all the outstanding common stock of Sound Company for $556.000 in cash. Financial data relating to Sound Company on January 1. 2019, ant presented here: Sound Company would expect to pay 10% interest to borrow long-term funds on the daxe of acquisition. During 2019, Sound Company wrote its receivables down by $10.690 and reconded a conresponding loss. Sound Company accounts for its inventories at lower of FIFO cost or market. Its buildings and equipment had a remaining estimated useful life on lanuary 1, 2019, of 10 years and 221 years, respectively. Sound Company reported net income of 50.000 and declared no dividends in 2019. Required: A. Prepare in general journal form the December 31. 2019, workpaper entries necessary to climinate the investment account and to allocate and depreciate the difference between book value and the value implied by the purchase price