USE TABLES TO BETTER UNDERSTAND: Presented below are the financial balances for the Atwood Company and the Franz Company as of December $31,2021,$ immediately before Boxwood acquired Franz. Also included are the fair values for Franz Company's net assets at that date.Assume a business combination took place at December $31,2021.$ Atwood issued $55,000$ shares of its common stock with a fair value of $$35$ per share for all of the outstanding common shares of Franz. Stock issuance costs of $$15,000$ and direct costs of $$20,000$ were paid to effect this acquisition transaction. To settle a difference of opinion regarding Franzs fair value, Atwood promises to pay an additional $$13,200$ to the former owners if Franzs earnings exceed a certain sum during the next year. Given the probability of the required contingency payment and utilizing a $4\%$ discount rate, the expected present value of the contingency is $$10,000$

$1.$ Calculate the amount paid $($consideration$)$ for the acquisition of Common Shares Franz Company and prepare the journal entry to record the acquisition $($ update Balance Sheet of Atwood in accordance with registered transactions in pending accounts$)$

$2.$ Prepare analysis to Determine the Valuation Difference

$3.$ Prepare the journal entries for the consolidation Adjustment

$4.$ Prepare a Working Paper por the Consolidated Balance Sheet as of December $312021$