You must use the attached Excel template to complete and submit your required 1 of this assignment. Save it as Week 1 Your first name, your last name. That means this will be the file name you are to use to save and then attach back to me via this forum. Do NOT add or delete rows from the template. If you do your answer will not match with the return solution back to you for reference. You also need to use your own blank Word document to complete and submit required 2 of this assignment. Save it as Week 1 Your first name, Your last name as well. (You can use the same name because the first file is an Excel and the second file is a Word). Do include a cover sheet and must use double line (to make it easier to read). NEVER use pdf file to save and submit any assignment to me because I will not be able to make comments, save and return it back to you. In this case you will NOT earn any credit. There is at least a 10% points deduction for failing to follow this instruction. Summary: 1. Submit one Excel template which I included in this assignment. 2. Submit one Word file which you will have to create on your own. Arizona Corp. had the following account balances at 12/1/19: Receivables: $96,000; Inventory: $240,000; Land: $720,000; Building: $600,000; Liabilities: $480,000; Common stock: $120,000; Additional paid-in capital: $120,000; Retained earnings, 12/1/19: $840,000; Revenues: $360,000; and Expenses: $264,000. Several of Arizona's accounts have fair values that differ from book value. The fair values are: Land $480,000; Building - $720,000; Inventory $336,000; and Liabilities - $396,000. Inglewood Inc. acquired all of the outstanding common shares of Arizona by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. Imagine you are the decision maker at Inglewood Inc. Prepare a fair value allocation and goodwill schedule at the date of the acquisition. Determine in 525- words whether you would encourage acquiring Arizona Corp? Be sure to include your rationale. Submit your assignment. B J L M N O P Q Use the following template to complete your week 1 calculation assignment. D DO NOT MODIFY THE FORMAT OF THIS SPREADSHEET. (I.e. do not add or delete lines.) Save your file as Week 1 Your first name, your last name F G H Required 1 Use Word document to complete required 2. You name here below: 5 Arizona Corp. Fill in the amount below. (Replace the ? Below with your answer) 7 Inglewood Fair Value Allocation Schedule 8 December 1, 2019 ? 1,176,000 Given to you in this case * This is a calculation of Total Assets minus Total Liab. at BV. Do not use FMV. ? ? 10 Payment by Inglewood ($66 fair value x 20,000 sh) 11 Book value of Arizona (assets - liabilities given as of 12/31/2019)* 12 Excess of fair value over book value 13 Allocation to specific accounts between fair value and book value: 14 Inventory (undervalued) 15 Land (overvalued) 16 Building (undervalued) 17 Liabilities 18 Goodwill 19 20 21 ? ? ? ? 22