Accounting for a Consolidation On January 1 of the current year, Bradshaw Company purchased all of...

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Accounting for a Consolidation On January 1 of the current year, Bradshaw Company purchased all of the common shares of Dukes Company for $480,000 cash-this is $160,000 in excess of Dukes' book value of its equity. The balance sheets of the two firms immediately after the acquisition follow: Bradshaw (Parent) Dukes (Subsidiary) Current assets Investment in Dukes PPE, net Goodwill Total assets Liabilities Contributed capital Retained earnings Total liabilities and equity $800,000 $80,000 480,000 0 2,400,000 320,000 0 0 $3,680,000 $400,000 $800,000 $80,000 1,600,000 160,000 1,280,000 160,000 $3,680,000 $400,000 During purchase negotiations, Dukes' PPE was appraised at $400,000, and all of Dukes' remaining assets and liabilities were appraised at values approximating their book values. Also, Bradshaw concluded that payment of an additional $80,000 was warranted because of anticipated corporate synergies. Required b. Prepare the consolidated balance sheet at acquisition. Bradshaw Dukes Consolidating (Parent) (Subsidiary) Adjustments Consolidated Current assets $800,000 $80,000 0 $ 0 Investment in Dukes 480,000 0 $ 0 PPE, net 2,400,000 320,000 0 0 Goodwill 0 0 0 0 Total assets Liabilities $3,680,000 $400,000 $ 0 $800,000 $80,000 0 $ 0 Contributed capital 1,600,000 160,000 0 0 Retained earnings 1,280,000 160,000 0 0 Total liabilities and equity $3,680,000 $400,000 $ 0 Please answer all parts of the question. Accounting for a Consolidation On January 1 of the current year, Bradshaw Company purchased all of the common shares of Dukes Company for $480,000 cash-this is $160,000 in excess of Dukes' book value of its equity. The balance sheets of the two firms immediately after the acquisition follow: Bradshaw (Parent) Dukes (Subsidiary) Current assets Investment in Dukes PPE, net Goodwill Total assets Liabilities Contributed capital Retained earnings Total liabilities and equity $800,000 $80,000 480,000 0 2,400,000 320,000 0 0 $3,680,000 $400,000 $800,000 $80,000 1,600,000 160,000 1,280,000 160,000 $3,680,000 $400,000 During purchase negotiations, Dukes' PPE was appraised at $400,000, and all of Dukes' remaining assets and liabilities were appraised at values approximating their book values. Also, Bradshaw concluded that payment of an additional $80,000 was warranted because of anticipated corporate synergies. Required b. Prepare the consolidated balance sheet at acquisition. Bradshaw Dukes Consolidating (Parent) (Subsidiary) Adjustments Consolidated Current assets $800,000 $80,000 0 $ 0 Investment in Dukes 480,000 0 $ 0 PPE, net 2,400,000 320,000 0 0 Goodwill 0 0 0 0 Total assets Liabilities $3,680,000 $400,000 $ 0 $800,000 $80,000 0 $ 0 Contributed capital 1,600,000 160,000 0 0 Retained earnings 1,280,000 160,000 0 0 Total liabilities and equity $3,680,000 $400,000 $ 0 Please answer all parts of the question.