Question Completion Status: QUESTION 9 Rand Corp. acquired 100% of Spaulding Inc. on December 31, 2012. Spaulding was dissolved right aftervards. Please prepare the iournal entry for consolidation under two situations. Rand Spaulding Revenues Corp. Inc. $ 372.000 Expenses S108.000 Equity in subsidiary earnings (264,000) (72.000) 25.000 0 Net income S 133.000 S 36.000 Retained earnings, January 1, 2012 S 765,000 Net income (above) $102.000 Dividends paid 133.000 36.000 (84.000 C24.000) Retained earnings, December 31. 2012 S814.000 SI-1000 Current assets S 150.000 $ 22.000 Investment in Spaulding Inc 242.000 0 Buildings (net) 525.000 85.000 Equipment (net) 389.250 129.000 Total assets S1.306.250 5236.000 Liabilities $ 82.250 $ 50.000 Common stock 360.000 72.000 Additional paid-in capital 50,000 O Retained earnings, December 31, 2012 (above) 814.000 114.000 Total liabilities and stockholders' equity $1.300.250 $236.000 Situation 1: Rand pays, 3200,000 cash to acquire all of the Spaulding's assets and liabilities. The fair value of Spalding's Equipment is 14.000 higher than its book value. For the rest assets and liabilities, there is no difference between book value and fair value. Situation 2: Rand pays $180,000 cash to acquire all of the Spaulding's assets and liabilities. The fair value of Spalding's Equipment is 34.000 higher than its book value. For the rest assets and liabilities, there is no difference between book value and fair value Save Al Click Save and Submit to save and submit. Click Save All Answers to save all answers. ch O si