COMPREHENSIVE EXERCISE Data: V\" December 3G 2 2D21. DEED [Nil acquired TIME oleFANNY's outstanding common stock. paying $14G in cash. V\" As of the date indicate d, the "Stockholders' Equity" section included: 0 "Capital [Common] Stocks" $2DJDDD o "Retained Earnings" $8 1/ The fair value of TIFFANY's net assets is equal to the book 1value. Any difference will be prorated to "Patent [intangible] for $10,304:} and any additional excess to "Goodwill". The patent will be amortized over 5 years. Goodwill will not he amortized at this time. V\" The nancial statements of both companies are presented at the end of the accounting period. Assume December 31. 21322 V\" The complete worksheet is presented with the financial statements as of December 31, 2022 for both companies and their amounts. in addition. the spaces for eliminations and adjustments. and the consolidation column. V\" Remember that: V\" Ifyou buy less than 1D% interest in ABC. you have to: If you buy less than 100% interest in ABC, you have to: o 1.Calculate the implied value of the transaction. o 2. Determine the Noncontrolling Interest at the beginning of the transaction and at the end of the year of operations. o The capital of the subsidiary must be eliminated. o Identify deletions with letters. Questions. You can answer them at the end. You can add pages. 1. Define and give an example of what is known as "Push Down Accounting". 2. State some advantages and limitations of financial statement consolidation. 3. Explain what "Noncontrolling Interest" is. 4. Describe the terms Parent & Subsidiary Companies". 5. Write one down and answer it yourself that I don't know the name and related issues.OREO TIFFANY INCOME STATEMENTS ELIMINACIONES CONSOLIDADO FOR THE YEAR 2020 LETRA DEBIT LETRA CREDIT SALES $ 331,900 $ 48,000 INCOME FROM TIFFANNY 9,100 COGS 148,000 25,000 OTHER EXPENSES 72,000 8,000 NONCO TROLLING INTEREST SHARE NET INCOME $ 121,000 $ 15,000 RETAINED EARNINGS RETAINED EARNINGS BEG $ 846,000 $ 80,000 ADD: NET INCOME 121,000 15, 000 LESS: DIVIDENDS 9,000 4,000 RETAINED EARNINGS END $ 958,000 $ 91,000 ASSETS BALANCE SHEET CASH 135,000 64,000 RECEIVABLES - NET 227,000 160, 000 INVENTORIES 316,000 86,000 INVESTMENTE IN TIFFANY 146,300 LAND 80,000 40,000 EQUIPMENT & BUILDING- NET 469,000 230,000 PATENTGOODWILL TOTAL ASSETS $ 1,373,300 $580,000 LIABILITIES & STOCKHOLDER'S EQUITY ACCOUNTS PAYABLE 5 305,300 $469,000 CAPITAL STOCKS 110,000 20,000 RETAINED EARNINGS 958,000 91, 000 NONCRONTOLLING INTEREST BEG NONCRONTOLLING INTEREST END TOTAL LIAB & STOCKSHOLDER'S EQUITY $ 1,373,300 $580, 000 Required: 1. Complete the worksheet in all its parts. Identify deletions and adjustments with corresponding letters. 2. Make entries of adjustments or deletions in Journal.3. Structure and appropriately present the three statements individually with the amounts shown on the worksheet. 2 Page Required 2. General Journal Letter Account Name Debit Credit\f