A B C D E F G H M N P Q R S T U Big Co acquired 100% of the common Stock of Little Co. on 1/1/22 for $200,000, Little's book value on that date was $200,000, and all assets and liabilities had fair values equal to book value. In 2022, Little reported earnings of $30,000 and paid dividends of $10,000 In 2023 Little reported earnings of $40,000 and paid dividends of $15,000. 4 The trial balances for 1/1/22, 12/31/22, and 12/31/23 are given below. 5 Required: Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet 6 1. Prepare elimination entries at 1/1/22 and complete the "Consolidation at acquisition" (1/1/22) worksheet 7 2. Prepare elimination entries at12/31/23 and complete the "Consolidation at acquisition" (12/31/23) worksheet 8 3. Prepare elimination entries at12/31/22 and complete the "Consolidation at acquisition" (12/31/22) worksheet 10 You HAVE to "work down" the Big and Little columns in the 12/31/22 worksheet to get the ending R/E values to plug into the 12/31/23 worksheet! 11 12 Questions: 13 What is the value in cell F37? 14 What is the value in cell F45? 15 16 17 What is the value in cell M26? 18 What is the value in cell M27? 19 What is the value in cell M29? 20 What is the value in cell M32 21 What is the value in cell M377 22 What is the value in cell M45? December 31, 2022 23 December 31, 2023 Big Little dr Consol. 24 What is the value in cell Q29? Big Little dr Sales 300000 250000 Consol. Sales 25 What is the value in cell T267 OOODOE 280000 Expenses 250000 220000 26 What is the value in cell T457 Expenses 250000 240000 Investment income 30000 27 Investment income 40000 Net income 800DO 30000 28 Net income 90000 40000 29 Beginning R/E 200000 150000 30 Beginning R/E Add: Income 31 Add: Income Less: Dividends 20000 10000 32 January 1, 2022 Less: Dividends 20000 15000 Ending R/E 33 Big Consol. Ending R/E Little er 34 Cash 30000 2000 Cash 35000 22000 Cash 35 Receivable 40000 3000 35000 3000 Receivable 360D 2700 36 Receivables Inventor 45000 5000 45000 35000 Inventor 4200 37 200000 Inventory 50000 Investmer 35000 Investment in Little 220000 Investment in Little 38 PPE, net 260000 2500DO 245000 PPE, net 250000 240000 PPE, net 39 Patents 30000 240000 20000 230000 Patents 25000 1500 Patents 10000 20000 30000 1000 Other assets 64000 74000 Other assets 40000 4000 42 Accounts GOOOO SOODO Accounts payable GOODO 43 Accounts payable 40000 200000 150000 35000 Bonds payable 200000 150000 44 Bonds payable 150000 160000 100000 ammon Common Stock 150000 50000 45 Retained 200000 Common Stock 150000 5000 150000 Retained earnings Retained earnings