Question 32 is worth 5 points. 32. Matthews Co. acquired all of the common stock of Jackson Co. on January 1, 2010. As of that date, Jackson had the following trial balance: Debit Credit Accounts payable Accounts receivable Additional paid -in capital Buildings net (20 -year life) Cash and short -term investments Common stock Equipment -net (8-year life) Inventory Land Long -term liabilities (mature 12/31/12) Retained earnings, 1/1/10 Supplies Totals s 50,000 60,000 140,000 70,000 300,000 240,000 110,000 90,000 180.000 120,000 20,000 $720,000 720,000 During 2010, Jackson reported net income of $96,000 while paying dividends of $12,000. During 2011, Jackson reported net income of $132,000 while paying dividends of $36,000. Assume that Matthews Co. acquired the common stock of Jackson Co. for $588,000 in cash. As of January 1, 2010, Jackson's land had a fair value of $102,000, its buildings were valued at $188,000, and its equipment was appraised at $216,000. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to an unamortized patent to be amortized over 10 years. Matthews decided to use the equity method for this investment. Required: (A.) Prepare consolidation worksheet entries for December 31, 2010. Space is available on the next page for your entries