Quite a few mistakes.

On December 31, Pacifica, Inc., acquired 100 percent of the voting stock of Seguros Company. Pacifica will maintain Seguros as a wholly owned subsidiary with its own legal and accounting identity. The consideration transferred to the owner of Seguros included 56,475 newly issued Pacifica common shares ($20 market value, $5 par value) and an agreement to pay an additional $130,000 cash if Seguros meets certain project completion goals by December 31 of the following year. Pacifica estimates a 50 percent probability that Seguros will be successful in meeting these goals and uses a 4 percent discount rate to represent the time value of money. Immediately prior to the acquisition, the following data for both firms were available: Revenues Expenses Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Receivables and inventory Property, plant, and equipment Trademarks Total assets Liabilities Common stock Seguros Seguros Pacifica Book Values Fair Values $(2,180,000) 1,526,000 $ (654,000) $(1,016,000) (654,000) 179,000 $(1,491,000) $ 183,000 $ 111,000 111,000 156,000 152,000 139,400 2,180,000 478,000 662,000 372,000 223,000 277,600 $ 2,891,000 $ 964,000 $ (525,000) $ (224,000) $ (224,000) (400,000) (200,000) Additional paid-in capital Retained earnings Total liabilities and equities (475,000) (1,491,000) $(2,891,000) (70,000) (470,000) $ (964,000) In addition, Pacifica assessed a research and development project under way at Seguros to have a fair value of $129,000. Although not yet recorded on its books, Pacifica paid legal fees of $23,100 in connection with the acquisition and $10,500 in stock issue costs. a. Prepare Pacifica's entries to account for the consideration transferred to the former owners of Seguros, the direct combination costs, and the stock issue and registration costs. b.&c. Present a worksheet showing the postacquisition column of accounts for Pacifica and the consolidated balance sheet as of the acquisition date. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg A Req B and C Present a worksheet showing the postacquisition column of accounts for Pacifica and the consolidated balance sheet as of the acquisition date. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter Consolidation Worksheet For Year Ending December 31 Consolidation Entries Accounts Pacifica Seguros Debit Credit Consolidated Totals Revenues Expenses Net income $ 2,180,000 1,526,000 654,000 $ 2,180,000 1,526,000 654,000 Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 1,016,000 654,000 179,000 1,016,000 654,000 179,000 $ 1,491,000 $ 1,491,000 $ 12,600 Cash Receivables and inventory Property, plant and equipment Investment in Seguros $ 183,000 $ 111,000 156,000 152,000 2,180,000 478,000 1,192,000 294,000 295,400 2,842,000 184,000 1,192,000 129,000 129,000 Research and development asset Goodwill Trademarks Total assets 97,000 54,600 372,000 223,000 $ 964,000 97,000 649,600 4,307,000 $ 4,083,000 $ 224.000 $ $ 525,000 62,500 Liabilities Contingent performance obligation Common stock Additional paid-in capital Retained earnings 682,375 1,322,125 1,491,000 200,000 70,000 470,000 $ 964,000 200,000 70,000 470,000 749,000 62,500 682,375 1,322,125 1,491,000 4,307,000 Total liabilities and equities $ 4,083,000 1,204,600 1,204,600