H1.Account (b) Prepare a schedule to calculate and allocate the acquisition differential. (Negative amounts and amounts to be deducted shouldbe indicated by a minus sign.)Cost of 80% of Robin Inc.Implied value of 100% of Robin Inc.Carrying amount of Robin's Inc. net assetsAssetsLiabilitiesAcquisition differentialAllocated:Current assetsPlant and equipmentResearch projectPatentsLong-term debtShow Transcribed TextRAVINDER CORP.Consolidated Balance SheetAugust 1, Year 3AssetsCurrent assetsPlant and equipmentAccumulated depreciationPatents-netResearch projectGoodwillLiabilities and EquityCurrent liabilitiesLong-term debtCommon sharesNon-controlling interestRetained earnings382,600Goodwill$ 374,600 X*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.›› › › › ›(3343✓✓✓✔✓$(c) Prepare Ravinder Corp.'s consolidated balance sheet as at August 1, Year 3. Assume there were no transactions on this date otherthan the transactions described above. (Negative amounts should be indicated by a minus sign.)$$(1,260,550) X662,750XFV-CA49,650 X134,200 X101,100 X73,100 X24,550 XŰ961,750 x2,305,300(250,550)X73,100 X101,100374,600 x$ 3,565,300$ 1,084,000 X$ 1,355,000(597,800)757,200 X1,614,200 X866,200 X721,100 x271,000 X92,800 xė$3,565,300*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no pointsdeducted. The July 31, Year 3, balance sheets of two companies that are parties to a business combination are as follows:Ravinder Corp.CarryingAmount1,601,9001,331,900(250,950)Current assetsPlant and equipmentAccumulated depreciationPatents (net)Current liabilitiesLong-term debtCommon sharesRetained earningsNoAB$S.No1$2$$Legal fees expenseCash$2,682,850 $Investment in Robin Inc.CashRobin Inc.CarryingAmountIn addition to the assets identified above, Ravinder Corp. attributed a value of $101,900 to a major research project that Robin Inc. wasworking on. Robin Inc. feels that it is within a year of developing a prototype for a state-of-the-art bio-medical device. If this device canever be patented, it could be worth hundreds of thousands of dollars.Effective on August 1, Year 3, the shareholders of Robin Inc. accepted an offer from Ravinder Corp. to purchase 80% of their commonshares for $1,116,000 in cash. Ravinder Corp.'s legal fees for investigating and drawing up the share purchase agreement amounted to$25,950.Journal420,950 $1,341,900(501,900)Required:(a) Prepare the journal entries in the records of Ravinder Corp. to record the share acquisition and cost of legal fees. (If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field.)1,260,9501,361,900 $253,900481,900360,950721,900169,900117,150476,2002,682,850 $ 1,260,950Fair Value471,800975,80073,900253,900385,900Debit1,084,000 X25,550 XCredit1,084,00025,550 X

Name: H1.Account (b) Prepare a schedule to calculate and allocate the acquis
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Description: H1.Account (b) Prepare a schedule to calculate and allocate the acquisition differential. (Negative amounts and amounts to be deducted shouldbe indicated by a minus sign.)Cost of 80% of Robin Inc.Implied value of 100% of Robin Inc.Carrying amount of