The following are preliminary financial statements for Bob Co$.$ and Jane Co$.$ for the year ending December $31,2018$ prior to Bob$$s acquisition of Jane.

Bob Corp.

Jane Corp.

Consolidation & Elimination Entries

Consolidated

lities $(108,000)(132,000)$

Common stock $(192,000)(72,000)$

Additional paid$-$in capital $(96,000)(12,000)$

Retained earnings, December $31,2018(564,000)(348,000)$

Total liabilities and stockholders$$ equity $(960,000)(564,000)$

On December $31,2018($subsequent to the preceding statements$),$ Bob exchanged $10,000$ shares of its $$10$ par value common stock for all of the outstanding shares of Jane. Bob$$s stock on that date has a fair value of $$60$ per share. Bob was willing to issue $10,000$ shares of stock because Jane's land was appraised at $$204,000.$ Bob also paid $$14,000$ to several attorneys and accountants who assisted in creating this combination.

Required

Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December $31,2018$ at date of acquisition. Prepare in Excel.

Steps:

$1.$ Prepare journal entries to record the acquisition on Bob$$s records.

$2.$ Prepare a post$-$acquisition $($after acquisition$)$ column of accounts for Bob Co$.$

$3.$ Prepare consolidation journal entries $($S$)$ and $($A$).$

$4.$ Prepare a worksheet to produce a consolidated balance sheet as of the acquisition date. Use the Excel template provided $($tab $1-$ Problem $4).($show the Debits and Credits in the consolidation & elimination entries$)$