stion V (18 points): can Incorporated acquired 80% of the voting stock of Shew Manufacturing for $800000 on ary 2, 2011 when Shew had outstanding common stock of $600,000 and Retained Earnings 00,000 . The book value and fair value of Shew's assets and liabilities were equal except for oment. The entire fair value/book value differential is allocated to equipment and is fully eciated on a straight-line basis over a 5-year period. During 2011, Shew borrowed $80,000 on a short-term non-interest-bearing note from Pecan. on December 31,2011 , Shew mailed a check for $20,000 to Pecan in partial payment of the - Pecan deposited the check on January 4, 2012, and recorded the entry to reduce the note nce at that time. uired: Complete the consolidation working papers for the year ended December 31,2011. have to complete the worksheet on the following page. stion V (18 points): can Incorporated acquired 80% of the voting stock of Shew Manufacturing for $800000 on ary 2, 2011 when Shew had outstanding common stock of $600,000 and Retained Earnings 00,000 . The book value and fair value of Shew's assets and liabilities were equal except for oment. The entire fair value/book value differential is allocated to equipment and is fully eciated on a straight-line basis over a 5-year period. During 2011, Shew borrowed $80,000 on a short-term non-interest-bearing note from Pecan. on December 31,2011 , Shew mailed a check for $20,000 to Pecan in partial payment of the - Pecan deposited the check on January 4, 2012, and recorded the entry to reduce the note nce at that time. uired: Complete the consolidation working papers for the year ended December 31,2011. have to complete the worksheet on the following page