On 1/1/2024, Chevron acquired 95 percent of Hess's net identifiable assets for $53,000,000. The book value...

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On 1/1/2024, Chevron acquired 95 percent of Hess's net identifiable assets for $53,000,000. The book value of Hess's assets was equal to $50,000,000 at the date of acquisition. The fair value of the noncontrolling interest was equal to $2,650,000 at that date. The differential was assigned entirely to buildings and equipment, which had a 10-year remaining useful life at the date of the acquisition. On December 31, 2024, the trial balances of the two companies were as follows: Item Cash Debit Chevron Credit 14,212,903 Accounts Receivable 2,048,626 Inventory 744,687 Debit Hess Credit 5,757,475 861,310 313,091 Land 41,623,750 17,500,000 Buildings & Equipment 93,653,438 39,375,000 Investment in Hess 53,176,167 0 Cost of Goods Sold 119,876,400 50,400,000 Depreciation Expense 31,217,813 13,125,000 Other Expenses 93,653,438 39,375,000 Dividends Declared 2,081,188 875,000 Accumulated Depreciation Accounts Payable Bonds Payable 6,243,563 2,625,000 2,275,928 956,876 21,406,500 9,000,000 Common Stock Retained Earnings 71,355,000 30,000,000 Sales Income from Subsidiary 100,000,000 249,742,500 452,288,408 452,288,408 167,581,876 167,581,876 20,000,000 105,000,000 1,264,917 0 0 On January 1, 2024, Chevron's inventory contained retail merchandise purchased for $300,000 from Hess, which originally purchased the inventory for $200,000. Hess's inventory on that date contained $150,000 of merchandise purchased from Chevron's, who purchased the inventory for $120,000. Both companies sold their ending 2023 inventories to unrelated companies in 2024. During 2024, Hess sold inventory costing $400,000 to Chevron for $700,000. Chevron held all inventory purchased from Hess during 2024 on December 31, 2024. Also, during 2024, Chevron sold goods costing $600,000 to Hess for $900,000. Hess continues to hold $100,000 of its purchase from Chevron on December 31, 2024. Requirements: 1.Copying and pasting your work from Part I - Prepare the differential table as of the date of acquisition and complete the amortization expense columns and give the differential balance as of 2. Copying and pasting your work from Part 1-Prepare all applicable "pictures", answering each question, related to each intercompany transaction (tab 3). 3. Copying and pasting your work from Part 1-Prepare the 2024 equity-method entries recorded on Chevron's books related to its investment in Hess 4. Prepare all elimination entries needed to complete a consolidation worksheet as of December 31, 2024. 5. Prepare the consolidation worksheet as of December 31, 2024. On 1/1/2024, Chevron acquired 95 percent of Hess's net identifiable assets for $53,000,000. The book value of Hess's assets was equal to $50,000,000 at the date of acquisition. The fair value of the noncontrolling interest was equal to $2,650,000 at that date. The differential was assigned entirely to buildings and equipment, which had a 10-year remaining useful life at the date of the acquisition. On December 31, 2024, the trial balances of the two companies were as follows: Item Cash Debit Chevron Credit 14,212,903 Accounts Receivable 2,048,626 Inventory 744,687 Debit Hess Credit 5,757,475 861,310 313,091 Land 41,623,750 17,500,000 Buildings & Equipment 93,653,438 39,375,000 Investment in Hess 53,176,167 0 Cost of Goods Sold 119,876,400 50,400,000 Depreciation Expense 31,217,813 13,125,000 Other Expenses 93,653,438 39,375,000 Dividends Declared 2,081,188 875,000 Accumulated Depreciation Accounts Payable Bonds Payable 6,243,563 2,625,000 2,275,928 956,876 21,406,500 9,000,000 Common Stock Retained Earnings 71,355,000 30,000,000 Sales Income from Subsidiary 100,000,000 249,742,500 452,288,408 452,288,408 167,581,876 167,581,876 20,000,000 105,000,000 1,264,917 0 0 On January 1, 2024, Chevron's inventory contained retail merchandise purchased for $300,000 from Hess, which originally purchased the inventory for $200,000. Hess's inventory on that date contained $150,000 of merchandise purchased from Chevron's, who purchased the inventory for $120,000. Both companies sold their ending 2023 inventories to unrelated companies in 2024. During 2024, Hess sold inventory costing $400,000 to Chevron for $700,000. Chevron held all inventory purchased from Hess during 2024 on December 31, 2024. Also, during 2024, Chevron sold goods costing $600,000 to Hess for $900,000. Hess continues to hold $100,000 of its purchase from Chevron on December 31, 2024. Requirements: 1.Copying and pasting your work from Part I - Prepare the differential table as of the date of acquisition and complete the amortization expense columns and give the differential balance as of 2. Copying and pasting your work from Part 1-Prepare all applicable "pictures", answering each question, related to each intercompany transaction (tab 3). 3. Copying and pasting your work from Part 1-Prepare the 2024 equity-method entries recorded on Chevron's books related to its investment in Hess 4. Prepare all elimination entries needed to complete a consolidation worksheet as of December 31, 2024. 5. Prepare the consolidation worksheet as of December 31, 2024.