Juno Mangue The Investor acquired 75% of investee on January 1, 2019 for $103.500. At acquisition the fair value of the noncontrolling interest was $34.500. Trial Balances for the two entities at December 31, 2019 are: Investor Investee Cash Debit Credit Debit Credit 68,500 Accounts Receivable 32,000 85,000 Inventory 14,000 97,000 Land 24,000 42,875 Buildings & Equipment 25,000 350,000 150,000 Investment in Subsidary 114,000 Cost of Goods Sold 145,000 114,000 Wage Expense 35,000 20,000 Depreciation Expense 25,000 10,000 Interest Expense 12,000 4,000 Other Expense 23,000 16,000 Dividends Declared 30,000 20,000 Accumulated Depreciation 170,000 50,000 Accounts Payable 51,000 15,000 Wages Payable 14,000 6,000 Notes Payable 150,000 50,000 Common Stock 200,000 60,000 Retained Earnings 126,875 48,000 Sales 290,000 200,000 Income from Subsidary 25,500 Total 1,027,375 1,027,375 429,000 429,000 The book value of the investee's assets are equal to the fair value except for Building & Equipment which are worth $20,000 more. Building and Equipment have 10 years of remaining life at time of acquisition. Required: 1. Allocation of Acquisition Value 2. Equity entries for 2019. 3. Worksheet entries for the 2019 year end consolidation. Juno Mangue The Investor acquired 75% of investee on January 1, 2019 for $103.500. At acquisition the fair value of the noncontrolling interest was $34.500. Trial Balances for the two entities at December 31, 2019 are: Investor Investee Cash Debit Credit Debit Credit 68,500 Accounts Receivable 32,000 85,000 Inventory 14,000 97,000 Land 24,000 42,875 Buildings & Equipment 25,000 350,000 150,000 Investment in Subsidary 114,000 Cost of Goods Sold 145,000 114,000 Wage Expense 35,000 20,000 Depreciation Expense 25,000 10,000 Interest Expense 12,000 4,000 Other Expense 23,000 16,000 Dividends Declared 30,000 20,000 Accumulated Depreciation 170,000 50,000 Accounts Payable 51,000 15,000 Wages Payable 14,000 6,000 Notes Payable 150,000 50,000 Common Stock 200,000 60,000 Retained Earnings 126,875 48,000 Sales 290,000 200,000 Income from Subsidary 25,500 Total 1,027,375 1,027,375 429,000 429,000 The book value of the investee's assets are equal to the fair value except for Building & Equipment which are worth $20,000 more. Building and Equipment have 10 years of remaining life at time of acquisition. Required: 1. Allocation of Acquisition Value 2. Equity entries for 2019. 3. Worksheet entries for the 2019 year end consolidation