Please answer fast ZBOXCash...Accounts receivableInventory...LOT49. Consolidation on date of acquisition-Noncontrolling interesThe excess of the total fair value of the controlling and noncontrolling interests over the book value of theAssume a parent company acquires a 75% interest in its subsidiary for a purchase price of $1,097.250.its book value, an unrecorded patent with a fair value of $171,000, and Goodwill of $294,500. There is nosubsidiary's Stockholders' Equity is assigned to a building (in PPE, net) that is worth $104,500 more thancontrol premium, so goodwill is assigned proportionally to the controlling and noncontrolling interests.The parent and the subsidiary report the following pre-consolidation balance sheets on the acquisi-tion date:Equity investment.Property, plant, and equipment, netTotal assets...ParentSubsidiary$ 855,000 $ 190,000742,900313,500403,7501,045,0001,097,2503,800,000$7,540,150760,000.$1,667,250Current liabilities...Long-term liabilitiesCommon stock.Additional paid-in capital.Retained earningsTotal liabilities and equity******a.Prepare the consolidation entries on the acquisition date.b. Prepare the consolidation spreadsheet on the acquisition date.Parent Subsidiary$ 760,000 $ 299,2502,850,000475,000855,000665,0002,410,150$7,540,15085,500114,000693,500$1,667,250

Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

49. Consolidation on date of acquisition-Noncontrolling in The excess of the total fair value of the controlling and noncontrolling interests over the book value of the Assume a parent company acquires a 75% interest in its subsidiary for a purchase price of $1,097.250, its book value, an unrecorded patent with a fair value of $171,000, and Goodwill of $294,500. There is no subsidiary's Stockholders' Equity is assigned to a building (in PPE, net) that is worth $104,500 more than control premium, so goodwill is assigned proportionally to the controlling and noncontrolling interests. date parent and the subsidiary report the following pre-consolidation balance sheets on the acquisi- tion date: Barent