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P4-36 Comprehensive Problem: Differential Apportionment Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $203.000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Additional Information 1. On January 1.20X7. Sword reported net assets with a book value of $150,000. A total of $20,000 of the acquisition price is applied to goodwill, which was not impaired in 20X7. 2. Sword's depreciable assets had an estimated economic life of II years on the date of combination. The difference between fair value and book value of tangible assets is related enticely to buildings and equipment. 3. Prince used the equity method in aceounting for its investment in Sword. 4. Detailed analysis of receivables and payables showed that Sword owed Prince \$16,000 on December 31. 20X7. Required a. Give all journal entries recorded by Prince with regard to its investment in Sword during 20X7. b. Give all consolidation entries needed to prepare a full set of consolidated financial statements for 207. Note: No need to prepare the consolidation worksheet