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Peer Co. Sky CO. Book Value Book Value Fair Value 490,000 220,000 220,000 320,000 400,000 400,000 410,000 310,000 360,000 600,000 230,000 210,000 2,000,000 640,000 650,000 -500,000 -370,000 Cash Receivables-net Inventories Land Building & Equipment Accumulated Depreciation- Building & Equipment Franchise Agreements Accounts Payable Accrues Expenses Long-term Liabilities Common stock, $20 par Common stock, $5 par Share Premium Retained Earnings, 1/1 Revenues Expenses 320,000 -290,000 -90,000 -900,000 -760,000 290,000 -220,000 -30,000 -510,000 320,000 -220,000 -30,000 -490,000 -80,000 -490,000 -960,000 920,000 -310,000 -100,000 -340,000 330,000 310,000 On December 31, Peer Co. Acquires 75% of Sky Co's outstanding stock by paying $350,000 cash and issuing 10,000 shares of its own common stock with a value of $40 per share. Peer Co. paid legal and accounting fees of $20,000 as well as $5,000 in stock issuance costs. Required: 1. Eliminating entries required to consolidated the financial statements of Peer Co. and Sky Co. wherein the NCI is measured using the PROPORTIONAL APPROACH. 2. Consolidating working paper using both approaches. (Proportional & Full Approach)