Requirements:

1. Eliminating entries required to consolidated the financial statements of P company and S company wherein NCI is measured using the proportional approach.

2. Eliminating entries required to consolidated the financial statements of P company and S company wherein NCI is measured using the full fair value approach.

Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Cash Receivables Inventory Land. Building and equipment (net) Franchise agreements.... Accounts payable Accrued expenses Long-term labilities Common stock-$20 par value. Common stock-$5 par value Additional pald-in capital Retained earnings, 1/1. Revenues Expenses Padre Company Book Values 12/31 $ 400,000 220,000 410,000 600,000 600,000 220,000 (300,000) (90,000) (900,000) (660,000) (70,000) (390,000) (960,000) 920,000 Sol Company Book Values Fair Values 12/31 12/31 $ 120,000 $ 120,000 300,000 300,000 210,000 260,000 130,000 110,000 270,000 330,000 190,000 220,000 (120,000) (120,000) (30,000) (30,000) (510.000) (510,000) (210,000) (90,000) (240,000) (330,000) 310,000 On December 31, Padre acquires Sol's outstanding stock by paying $360,000 in cash and issuing 10,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $5,000 in stock issuance costs. Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Cash Receivables Inventory Land. Building and equipment (net) Franchise agreements.... Accounts payable Accrued expenses Long-term labilities Common stock-$20 par value. Common stock-$5 par value Additional pald-in capital Retained earnings, 1/1. Revenues Expenses Padre Company Book Values 12/31 $ 400,000 220,000 410,000 600,000 600,000 220,000 (300,000) (90,000) (900,000) (660,000) (70,000) (390,000) (960,000) 920,000 Sol Company Book Values Fair Values 12/31 12/31 $ 120,000 $ 120,000 300,000 300,000 210,000 260,000 130,000 110,000 270,000 330,000 190,000 220,000 (120,000) (120,000) (30,000) (30,000) (510.000) (510,000) (210,000) (90,000) (240,000) (330,000) 310,000 On December 31, Padre acquires Sol's outstanding stock by paying $360,000 in cash and issuing 10,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $5,000 in stock issuance costs