See attached for the consolidated statement problem. Please show allFORMULAS on excel andLINK them up to the answer sheet. You must follow all directions on the excel.

Required: Carefully Follow and label each step. Show all work below on the spreadsheet tab.

1.Calculate the full amount of goodwill. Identify amounts attributable to the parent and

the NCI

2. Analyze each intercompany transaction. Label as either upstream

downstream.

3. Calculate Net income to the controlling interest for the year 2015

4. Verify the calculation of the balance in the acccount equity in sub

earnings and record the parent company entries with respect to its investment during 2015

5. Prepare all elimination entries for 2015.

6. Complete the consolidating spreadsheet for the year ended 2015.

7. Answer questions on the blue tab

Acquisition details: The parent acquired 75% of the sub in 2012. the only differential is due to goodwill. The good will attributable to the parent is $150. Pricing to the NCI is proportional. The goodwill has not impaired since acquisition date. ADDITIONAL INFORMATION Intercompany merchandise sales totalled $200,000 during 2015. All intercompany balances have been paid except for $40,000 in transit at December 31, 2015. Unrealized profits in S's inventory of merchandise purchased from P were $48,000 on December 31, 2014, and $60,000 on December 31, 2015. S sold equipment with a six-year remaining life to P on January 3, 2013, at a gain of $96,000. P still uses the equipment in its operations. P sold land to S on July 1, 2015, at a gain of $40,000. S still holds the land at December 31, 2015. P sold a building to S on July 1, 2015, at a gain of $80,000. The building has a 10-year remaining life and is still used by Sum. round above amounts to thousands. REQUIRED: Required: Carefully Follow and label each step. Show all work below on the spreadsheet tab. 1.Calculate the full amount of goodwill. Identify amounts attributable to the parent and the NCI 2. Analyze each intercompany transaction. Label as either upstream downstream. 3. Calculate Net income to the controlling interest for the year 2015 4. Verify the calculation of the balance in the acccount equity in sub earnings and record the parent company entries with respect to its investment during 2015 5. Prepare all elimination entries for 2015. 6. Complete the consolidating spreadsheet for the year ended 2015. 7. Answer questions on the blue tab the parent uses the equity method INCOME STATEMENT FYE 12/31/2015 Sales Equity in sub earnings Gain on building Gain on land Total revenues P S 2,520 184 80 40 2,824 2,000 1,400 304 80 184 1,968 856 1,200 160 856 400 Retained Earnings 1/1 750 400 Net income 856 400 Dividends declared 640 320 Retained Earnings 12/31 966 480 cash Bond interest receivable Other receivables-net Inventory 108 160 320 276 20 120 200 Land Buildings, net Equipment, net 360 600 560 280 720 360 Cost of goods sold Depreciation Expense Interest Expense Other expenses and losses Total expenses Total Net income Less net income to NCI Net income to controlling interest 2,000 240 1,600 400 RETAINED EARNINGS STATEMENT BALANCE SHEET ELIMINATIONS DR CR Investment in S Available for sale securities goodwill 1,498 Total assets 3,606 2,400 Accounts payable Bond interest payable 10% bonds payable Common stock 200 40 800 1,600 320 1,600 966 480 3,606 0 2,400 0 Retained earnings noncontrolling interest Total liabilities and equity 424 CONS.TOT. 4,520 184 80 40 4,824 2,600 464 80 424 3,568 1,256 0 1,256 1,150 1,256 960 1,446 384 20 280 520 0 640 1,320 920 1,498 424 0 0 6,006 520 40 800 3,200 0 1,446 0 6,006 0 DO NOT CHANGE ANY FORMATTING ON THIS WORKSHEET Use cell references from Spreadsheet tab to answer questions. 1. What is the Parent Company ONLY Confirmed net income? 2. What is the sub's Confirmed net income? 3. What is the net income to the NCI (enter as a positive amount)? 4. What are consolidated sales? 5. What are consolidated cost of goods sold? 6. What is consolidated depreciation expense? 7. What are consolidated total assets? 8. What is consolidated inventory? 9. What is consolidated equipment,net? 10. What is consolidated building, net? 11. What are consolidated other receivables? 12. What is consolidated goodwill? 13. What is consolidated accounts payable? 14. What is the balance for NCI as of 12/31/2015? 15. What is consolidated retained earnings as of 12/31/2015? enter answers in shaded boxes Prepare the consolidated balance sheet with supporting elimination entries Partial credit up to an additional 10 points