Task 2: Star & Anderson SAOG. acquired all of the common stock of Wilkinson SAOG. on January 1, 2018. As of that date, Wilkinson had the following trial balance: Particulars Debit Credit Sundry Creditors 30,000 Land & Buildings (10 year life) 70,000 Additional Paid-in-Capital 30,000 Sundry Debtors 25,000 Cash and bank balances 18,000 Short Term Investments 17,000 Equity share capital 150,000 Inventory 55,000 | Plant and Equipment (4 year life) 120,000 Land 45,000 Long term borrowings (Maturity 31/12/2020 90,000 Retained earnings (Opening Balance) 60,000 Supplies 10,000 Total 360,000 360,000 During 2018, Wilkinson SAOG reported net income of OMR 48,000 while paying dividends of OMR 6,000. During 2019, Wilkinson SAOG reported net income of OMR 66,000 while paying dividends of OMR 18,000. Assume that Star & Anderson SAOG. acquired the common stock of Wilkinson SAOG. for OMR 294,000 in cash. As of January 1, 2018, Wilkinson SAOG land had a fair value of OMR 51,000, its buildings were valued at OMR 94,000, and its equipment was appraised at OMR 108,000. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to an unamortized patent to be amortized over 5 years. Star & Anderson SAOG decided to use the equity method for this investment Required: Prepare consolidation worksheet entries for December 31, 2018. (7.5 Marks) Task 2: Star & Anderson SAOG. acquired all of the common stock of Wilkinson SAOG. on January 1, 2018. As of that date, Wilkinson had the following trial balance: Particulars Debit Credit Sundry Creditors 30,000 Land & Buildings (10 year life) 70,000 Additional Paid-in-Capital 30,000 Sundry Debtors 25,000 Cash and bank balances 18,000 Short Term Investments 17,000 Equity share capital 150,000 Inventory 55,000 | Plant and Equipment (4 year life) 120,000 Land 45,000 Long term borrowings (Maturity 31/12/2020 90,000 Retained earnings (Opening Balance) 60,000 Supplies 10,000 Total 360,000 360,000 During 2018, Wilkinson SAOG reported net income of OMR 48,000 while paying dividends of OMR 6,000. During 2019, Wilkinson SAOG reported net income of OMR 66,000 while paying dividends of OMR 18,000. Assume that Star & Anderson SAOG. acquired the common stock of Wilkinson SAOG. for OMR 294,000 in cash. As of January 1, 2018, Wilkinson SAOG land had a fair value of OMR 51,000, its buildings were valued at OMR 94,000, and its equipment was appraised at OMR 108,000. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to an unamortized patent to be amortized over 5 years. Star & Anderson SAOG decided to use the equity method for this investment Required: Prepare consolidation worksheet entries for December 31, 2018. (7.5 Marks)