Question Five (21 marks) Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 2018. At that date, the net assets of Roller Company had a book value of $80,000. Also, on the date of acquisition, the fair value of Roller's buildings and equipment was $20,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. In 2018, Roller reported net income of $50,000 and declared dividends and paid dividends of $22,000. Roller did not issue any new stock since the acquisition. Although goodwill is not amortized, Mill's management concluded at December 31, 2019, before the preparation of the consolidated financial statements, that goodwill involved in its acquisition of Roller shares had been impaired and the correct carrying value was $2,500. Mill uses the equity method to account for the investment in Roller. During 2019, Roller had $12,000 outstanding accounts payable owed to Mill. The unadjusted trial balance data for Mill and Roller on December 31, 2019, are as follows: Item Mill Roller Cash Accounts Receivable Inventory Land $45,500 85,000 97,000 50,000 350,000 152,000 145,000 35,000 25,000 $32,000 14,000 24,000 25,000 150,000 NA 114,000 20,000 10,000 4,000 Buildings & Equipment Investment in Roller Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Subsidiary 12,000 23,000 30,000 $170,000 51,000 16,000 20,000 $50,000 15,000 6,000 50,000 60,000 ?? 14,000 150,000 200,000 140,500 290,000 ?? 200,000 NA Required: 1. Prepare the necessary journal entry to record the acquisition transaction on January 1, 2018. 2. Prepare the consolidation worksheet (in proper format) for the year ended December 31, 2019. Show all details including consolidated totals